Saudi Reinsurance Company "Saudi Re'' has organized a workshop on ''Engineering Insurance Underwriting'' which was attended by a number of insurance professionals from insurance companies operating in Saudi Arabia. The workshop addressed the developments in the Saudi engineering market which premiums exceed 1 billion riyals. The workshop also covered the technical aspects of underwriting engineering insurance policies including Contractors' All Risks (CAR), Erection All Risks (EAR) Advanced Loss of Profit (ALOP), Machinery Breakdown (MB), and Electronic Equipment (EEI).
Mr. Fahad Al-Hesni - Saudi Re's Managing Director and CEO - mentioned that the engineering insurance sector in Saudi Arabia represents approximately 5% of gross written premiums in the Saudi Market, ranking four after Health, Motor and Property. He also added that this line of business increasingly plays a significant role in the light of the unprecedented government spending and private development which is estimated to reach 3.5 trillion riyals in sectors of construction, infrastructure, transportation, housing etc.
Saudi Re, a publicly listed company, is the first reinsurance company established in Saudi Arabia. It currently serves clients in more than 30 countries in the Middle East, Africa and Asia and is considered the highest capitalized reinsurer in the Middle East with a paid-up capital of SAR 1 billion (USD 267 million).
© Press Release 2013
