Approval from regulator boosts existing presence in the country
Aon is one of the first international brokers to be awarded a licence by the Saudi Arabian Monetary Authority (SAMA), in accordance with the provisions of the kingdom’s Insurance Law 2004.
Aon has been serving clients in Saudi Arabia since 1979 and has three offices in the Kingdom based in Al Khober, Jeddah and Riyadh, employing 58 staff.
The Middle East insurance sector is rapidly evolving, driven by factors such as the raft of major infrastructure projects across the region, the introduction of legislation for compulsory health and motor insurance in some countries and the emergence and ongoing development of takaful insurance products.
In Saudi Arabia, the largest market economy in the Middle East, the insurance sector is driven by a $624 billion investment programme that includes $80 billion worth of projects to expand oil capacity and the creation of six new ‘economic’ cities designed to attract industry and create approximately one million jobs.
Latif AlRayes, chief executive officer, Aon Middle East comments: “We are naturally delighted to receive a licence from SAMA.
Aon has been serving the Kingdom for almost 30 years, working for the most prestigious clients in Saudi Arabia. These clients have access to the extensive and well-established services already offered by the Aon within the Middle East region, as well as the full support of the Aon network across Europe, Asia Pacific and the US.
Economic boom, new legislation and structural reform all provide ideal conditions in which to develop a domestic insurance and reinsurance market and Aon is committed to leveraging its specialist and global expertise to play an integral role in the continued development of the Saudi insurance sector.”