The Saudi Reinsurance Company “I’ada” won the “Reinsurer of the Year” award at the 8th Middle East Insurance Awards 2021, which was held virtually in Dubai.
The judging panel noted that despite the unprecedented market challenges caused by the COVID-19 pandemic, the Saudi Reinsurance Company “I’ada” succeeded in maintaining its growth in 2020, with total written premiums rising by percent to 935 million Saudi riyals, with a 25 percent increase in international markets and 8% in the domestic market. Furthermore, efforts made during 2020 resulted in a growth rate of 58% in the first quarter of 2021.
Commenting on this, Fahad Al-Hassani, Managing Director and CEO of “I’ada,” said: “We were delighted that Saudi Reinsurance Company (“I’ada”) won the “Reinsurer of the Year” award, which recognizes the company’s progress and reflects our customer-centric approach, our commitment to developing the market, and our efforts to promote sustainable practices.”
In line with its strategy to expand into international markets, the Saudi Reinsurance Company “I’ada” has successfully built strong relationships with clients and brokers outside its domestic market, establishing itself as a leading and trusted reinsurance company in the Middle East. In 2020, the company’s international business grew to account for 63 % of its total sales, with a growing presence in more than 40 countries across Asia, the Middle East, Africa, and the Lloyd’s market.
The Middle East Insurance Awards are judged by a distinguished panel of 25 industry leaders representing regulatory bodies, rating agencies, insurance associations, and prominent industry figures. The results were also independently audited by one of the Big Four audit firms.
The award is presented to companies that demonstrate leadership in the general reinsurance sector in the Middle East and North Africa region through innovation in product offerings, thought leadership, and promoting stability and security in the sector, as well as enhancing the profession’s image.
