Lockton has officially commenced operations in Saudi Arabia, marking a significant step in its Middle East growth strategy. The company’s expansion into the Kingdom aims to bring its global insurance and risk advisory capabilities closer to clients operating in the region’s rapidly evolving economic landscape.
The new Saudi operation starts with a team of 20 insurance and risk professionals, aiming to address the increasing demand for specialised insurance solutions across sectors including construction, energy, healthcare, and financial services. Lockton’s move is part of a broader effort to strengthen its presence in high-growth markets and respond to the shifting risk profiles of businesses in the region.
Lockton’s launch in Saudi Arabia comes at a time when the country’s insurance sector is forecast for significant expansion. Recent industry analysis from Bupa Arabia projects that gross written premiums (GWP) in the Kingdom will rise from SAR 75.9 billion in 2024 to SAR 129 billion by 2030. Health insurance is expected to be a primary growth driver, with premiums in this segment anticipated to reach SAR 83 billion by the decade’s end.
According to the Saudi Insurance Sector Review 2024, health insurance currently represents 55% of the market. The report attributes the sector’s growth to regulatory reforms, economic diversification initiatives under Vision 2030, and increased adoption of digital solutions. The market has expanded considerably since 2012, when GWP was SAR 21.3 billion.
Digital transformation, accelerated by the pandemic, has led insurers to adopt platforms such as InsurTech Sandbox and Nafis, enhancing operational efficiency and service delivery. Vision 2030 investments in healthcare, infrastructure, and technology are expected to create further opportunities for insurance providers.
To lead its Saudi retail business, Lockton has appointed Mohammad Al Abdul Jabbar (pictured) as CEO. Al Abdul Jabbar has more than 20 years of experience in the insurance sector, spanning both broking and underwriting roles at international and local firms. His expertise covers commercial lines, Takaful, regional business development, and managing complex insurance portfolios for multinational organisations.
Al Abdul Jabbar also holds the position of vice chairman of the executive committee of the General Committee of Insurance & Reinsurance Brokers in Saudi Arabia, reflecting his active engagement in the local insurance industry.
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Faris Khatib, CEO of Lockton Middle East and North Africa, commented on the company’s latest move: “Saudi Arabia is a critical market for Lockton, and our expansion here reflects our long-term commitment to the region and our clients.”
He added that Al Abdul Jabbar’s leadership is expected to play a key role in shaping the firm’s presence in the Kingdom. “Mohammad’s appointment brings a strong combination of broking and underwriting expertise, deep market knowledge, and a client-first mindset. His leadership will be instrumental in building our operations and delivering value to clients across the Kingdom,” Khatib said.
Chris Brown, CEO of Lockton International, added: “Lockton’s growth is driven by our belief in being where our clients need us most. Expanding into Saudi Arabia allows us to support businesses in one of the world’s most dynamic economies. We are thrilled to welcome Mohammad to our leadership team; his experience and entrepreneurial spirit align perfectly with Lockton’s culture and our ambition to be the most client-focused insurance broker globally.”
