Chicago-based insurance broker Aon Corp.'s London office said the firm has been awarded a license by the Saudi Arabian Monetary Authority (SAMA) in accordance with the provisions of the Kingdom's Insurance Law 2004.
Aon said it has served clients in Saudi Arabia since 1979 and has three offices in the Kingdom based in Al Khober, Jeddah and Riyadh, employing 58 staff.
In Saudi Arabia, the largest market economy in the Middle East, Aon noted that the insurance sector is driven by a $624 billion investment program that includes $80 billion worth of projects to expand oil capacity and the creation of six new economic cities designed to attract industry and create approximately one million jobs.
Latif AlRayes, chief executive officer, Aon Middle East, said in a statements that the “Economic boom, new legislation and structural reform all provide ideal conditions in which to develop a domestic insurance and reinsurance market and Aon is committed to leveraging its specialist and global expertise to play an integral role in the continued development of the Saudi insurance sector.”
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