Al-Futtaim's division Orient Insurance has formally started business in Saudi Arabia, therefore representing a major turning point in its regional growth. Located in Al Ghadir, Riyadh, the company's new office seeks to service the swiftly expanding insurance industry of the Kingdom.

Orient KSA CEO Turki Alshahrani leads the Saudi business. Alshahrani will oversee a committed local team including experts in underwriting, business development, finance, and other key areas. Regarding the development, he said, "For Orient Insurance, which started its adventure in 1982, the opening of our activities in Saudi Arabia marks a significant turning point. This action emphasizes our will to meet the changing insurance needs of a swiftly expanding market.

With an A+ rating from S&P and a+ from AM Best-the best financial strength ratings for any insurer in the area- Orient Insurance is known for its solid financial situation. General, life, medical, and vehicle insurance among other creative insurance and reinsurance solutions the company intends to provide. These offerings will be for people, companies, and government agencies all throughout Saudi Arabia.

Orient Insurance President Omer Elamin stressed the strategic need of joining the Saudi market. He underlined that the Kingdom is a top target for worldwide investors and talent because of its continuous efforts at economic diversification, many megaprojects, and billion-dollar investment possibilities. Saying, "With its growing population and increasing demand, Saudi Arabia presents a remarkable opportunity for growth," he said

Elamin further pointed out that the growth is a deliberate action taken to diversify the geographical presence of the organization so improving its commercial resiliency, "Using decades of experience, we hope to provide customised, customer-centric insurance solutions to satisfy Saudi Arabia's various and changing needs," he said.

The insurance business of Saudi Arabia has exhibited amazing expansion in lately, Rising by 22.7% in 2023, gross written premiums (GWP) hit SAR 65.5 billion ($17.5 billion), Strong economic activity, an increase in health insurance coverage especially the required coverage for private-sector workers and a noteworthy 23% increase in automobile sales drive this growth.

Elamin expressed hope Orient could help to shape this changing industry. "With our scale and great coverage, we can customize insurance solutions to meet customer needs and improve the Kingdom's insurance scene," he said.

Orient Insurance's arrival into Saudi Arabia coincides with a period of industry transformation. Consolidating regulatory activities and standardizing industry standards helps the Saudi Insurance Authority (IA) actively enhance sector stability and openness. These initiatives seek to better meet the growing insurance demands and population of the Kingdom.

Orient Insurance is likely to be very important in determining the direction of the Saudi insurance sector given its large portfolio and dependability record, Through addressing market needs and working with local and regional stakeholders, the company seeks to promote sector innovation and sustainability.

The Saudi debut of Orient Insurance is evidence of its aim of expansion and flexibility. The company's presence will not only offer necessary insurance solutions but also help to create a strong and resilient insurance ecosystem as the Kingdom keeps its social and economic change under progress.