Sector has vital role to play as Vision 2030 targets economic diversification and creation of new sectors in KSA
ACE Gallagher, the leading insurance company operating in the Gulf, Lebanon, and Greece, has marked its 70th anniversary by reaffirming its commitment to help enhance the insurance sector in Saudi Arabia in line with Saudi Vision 2030.
A pioneer of the insurance industry in KSA, ACE recently expanded its capabilities to service increasing demand through a strategic partnership with global insurance and reinsurance player Gallagher, one of the world’s largest brokers, to become ACE Gallagher.
Addressing stakeholders at a gala anniversary event in Riyadh, Nagib Bahous, Chairman of ACE Gallagher Holding WLL, said the partnership has created a regional insurance powerhouse. The company has more than 240 industry professionals ready to address industry challenges and emerging product demand, in line with Saudi Vision 2030 goals to diversify the kingdom’s economy and create new sectors.
“Over the past seven decades we have achieved many milestones by way of entering new markets and sealing new partnerships. The partnership with Gallagher is the most important milestone to date,” said Mr Bahous.
“As we celebrate these special milestones, the need of the hour is for the industry to become more proactive, creative, and customer-centric in this region, through customised products, new distribution channels and innovative solutions,” said Yolla El Khoury, CEO of ACE Gallagher Holding WLL.
“There are new risks to insure, from climate change impact and cyber risks to alternative industries, smart infrastructure, and mega projects. Ace Gallagher will be the vanguard of change and growth, providing a service where human interaction is enhanced by technology, not sacrificed for it.”
With the GCC member states engaging in major initiatives to build closer economic cooperation, including construction of interconnecting railway networks for efficient cross-border trade, Mr Bahous believes the insurance industry has the potential to do more by providing risk transfer, enabling capital formation, and insuring trade and foreign direct investments.
“Our industry can continue to greatly contribute to addressing challenges of economic diversification and sustainable cross-sector growth,” he said. “Yet there remains little awareness of the vital role we play. With this expansion and our forward-thinking strategy, we aim to change that – and bring ACE Gallagher to front of mind in Saudi Arabia and the wider MENA region.”
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