Saudi Re Signs SAR 208.73 Million Contract with Al Etihad to Insure Employers Against Default

Saudi Re announced on Monday the signing of a reinsurance contract worth SAR 208.73 million to provide insurance coverage for the financial dues of non-Saudi workers in the event of default by private sector entities. The contract was signed in accordance with the agreed terms and conditions.

According to the company’s statement on Tadawul, this policy reflects collaboration between the Ministry of Human Resources and Social Development and the Insurance Authority to safeguard the financial rights of non-Saudi workers in delinquent entities, as classified by the Ministry. The coverage includes unpaid wages, outstanding dues, and a return ticket to the worker’s home country, all within the agreed coverage limits and terms.

Saudi Re expects this contract to have a positive impact on its financial results starting in the fourth quarter of 2024.