Saudi Re and Saudi Housing Guarantee Services Company (Damanat) have partnered to develop insurance and reinsurance solutions for the mortgage financing sector.
They formalised their partnership through a Memorandum of Understanding (MoU).
This strategic alliance aims to create innovative risk management solutions that will not only bolster the growth and stability of the mortgage financing sector but also contribute significantly to the broader housing program and the development of the financial sector as a whole.
Under the terms of the MoU, Saudi Re and Damanat will work closely together on the technical aspects of insurance product development and reinsurance services.
This collaboration also includes other key areas such as pricing models, underwriting mechanisms, and efficient claims management processes.
Commenting on the agreement, Ahmed Al-Jabr, CEO of Saudi Re, emphasised that the MoU lays the foundation for a constructive partnership that aligns efforts for sustainable growth in the insurance and mortgage financing sectors.
He expressed Saudi Re’s keenness to work with Damanat to develop innovative solutions that contribute to both industries.
Osama Al-Othman, CEO of Damanat, emphasised the importance of collaboration between national companies to strengthen the insurance sector as a key driver of financial stability in vital economic sectors.
He stated that this partnership is in line with Saudi Arabia’s Vision 2030 and marks the beginning of a strategic alliance.
