Head of Property I KSA I Financial Services I Orient Insurance PJSC

Job Requisition ID: 177136 

Established in the 1930s as a trading business, Al-Futtaim Group today is one of the most diversified and progressive, privately held regional businesses headquartered in Dubai, United Arab Emirates. Structured into five operating divisions; automotive, financial services, real estate, retail and healthcare; employing more than 35,000 employees across more than 20 countries in the Middle East, Asia and Africa, Al-Futtaim Group partners with over 200 of the world's most admired and innovative brands. Al-Futtaim Group’s entrepreneurship and relentless customer focus enables the organization to continue to grow and expand; responding to the changing needs of our customers within the societies in which we operate. 

By upholding our values of respect, excellence, collaboration and integrity; Al-Futtaim Group continues to enrich the lives and aspirations of our customers each and every day

Job Description

The Head of Property is responsible for leading the property insurance portfolio, including underwriting, product development, pricing, risk assessment, and profitability management. The role ensures sustainable growth, strong technical underwriting standards, and compliance with regulatory requirements within the Saudi insurance market.

What you will do 

1. Portfolio Management & Strategy

• Develop and execute the property insurance strategy aligned with company objectives.
• Manage the profitability, growth, and performance of the property portfolio.
• Monitor market trends and adjust underwriting strategies accordingly.

2. Underwriting Oversight

• Establish underwriting guidelines, policies, and risk appetite.
• Review and approve large or complex property risks.
• Ensure consistent underwriting standards across the organization.

3. Product Development & Pricing

• Lead the development and enhancement of property insurance products.
• Oversee pricing models to ensure competitiveness and profitability.
• Collaborate with actuarial teams on pricing adequacy and reserving.

4. Risk Assessment & Engineering

• Supervise risk surveys and engineering assessments for industrial and commercial risks.
• Ensure proper evaluation of fire, business interruption, and catastrophe risks.
• Implement risk mitigation recommendations for clients.

5. Reinsurance Management

• Work closely with reinsurance teams to structure appropriate treaties and facultative placements.
• Negotiate terms with reinsurers to optimize coverage and cost.
• Monitor reinsurance utilization and recoveries.

6. Claims Coordination

• Collaborate with claims teams on large or complex property claims.
• Provide technical input on coverage interpretation and loss assessments.
• Analyze claims trends to refine underwriting practices.

7. Regulatory Compliance

• Ensure compliance with regulations issued by Saudi Central Bank.
• Maintain proper documentation and adherence to local insurance laws and standards.

8. Team Leadership

• Lead, mentor, and develop the property underwriting team.
• Build technical expertise and succession planning within the department.

Required Skills to be successful

• Bachelor’s degree in Insurance, Risk Management, Engineering, Finance, or related field.
• Professional certifications such as ACII, CPCU, or equivalent are preferred.
• Minimum 10+ years of experience in property insurance underwriting.
• At least 5 years in a managerial or leadership role within Saudi Arabia.
• Strong experience in commercial and industrial property risks.

What equips you for the role

• Deep technical knowledge of property insurance underwriting and risk engineering.
• Strong analytical and decision-making skills.
• Commercial awareness and market knowledge in Saudi Arabia.
• Negotiation skills, especially in reinsurance placements.
• Leadership and team management capabilities.
• Strong communication and stakeholder engagement skills.

Key Relationships

• Underwriting Teams
• Claims Department
• Reinsurance Team
• Actuarial Department
• Brokers and Clients
• Regulatory Authorities (e.g., Saudi Central Bank)

About Orient Insurance PJSC

Orient Insurance Company commenced operations in 1982 as a part of the reputed Al-Futtaim Group and has since recorded a progressively steady growth. The Company is counted among the leaders in the UAE insurance market. Orient Insurance Company has a paid-up capital of AED 500 million which is the highest in the insurance industry in UAE. With head office in Dubai, the company serves its clientele through an extensive branch network in Jebel Ali, Abu Dhabi, Al Ain, Sharjah and Ras Al Khaimah in UAE, Muscat in Sultanate of Oman, Riyadh in Kingdom of Saudi Arabia and Bahrain.