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Kamran Mazhar (CEO - Chubb Arabia)

We have a robust business continuity plan and the business of
insurance will be conducted through digital means in future

Kamran Mazhar, CEO of Chubb Arabia, has a long and
distinguished history of working in the insurance industry.
Mr. Mazhar has a Master’s degree in Business Administration (EMBA)
from HEC Paris. Through his career in insurance, which spans more than
20 years, Mr. Mazhar has amassed in-depth knowledge and expertise in
the sector on both a local and international level. In a Q & A with Al
Bayan Magazine, on the occasion of its annual publication, Mazhar gives
his views on insurtech and digitalization and talks about the challenges
facing the insurance sector. He also discusses the latest achievements and
developments and sheds light on some of the changes in his industry

which have been accelerated by the COVID-19 pandemic.
Below is an extract from the interview.

* COVID-19 has accelerated changes in the insurance * What are the most challenges insurance is facing?
industry in so many different ways. How did you adapt to - The COVID-19 crisis continues to present challenges that
these changes and what is your business model to deal are having a significant impact on society, businesses and the
with the current circumstances and to ensure the current global economy. The insurance industry as a whole has large-
and future success of your company? ly responded quickly and well to the crisis but there are now
- 2021 was the second year of the global pandemic and as we other issues to contend with- including inflation, pressures on
have all seen, it continued to expose us to unprecedented business growth in a very competitive environment and new
challenges which, at Chubb Arabia, were dealt with through regulatory requirements that have increased the cost of doing
great effort and determination. Like many businesses, our business. Additionally, hard reinsurance market conditions
employees are our main asset and as a company our prima- prevail globally and continue to pose challenges for meeting
ry priority was to ensure that all remained safe and healthy. customer demands for arranging a cost-effective and sound
We have a robust business continuity plan (BCP) which has capacity on risks.
been adopted from Chubb’s global business. This was acti-
vated and it enabled us to be prepared to cope with any * Global reinsurance companies have settled huge com-
unprecedented disruptions to business and provide seamless pensation due to Covid-19 & natural catastrophes. Are we
service to our customers. starting to see an increase in the prices and conditions of
some lines in the Middle East and North Africa similar to
* Insurtech and digitalization are driving the future of the rest of the world?
insurance industry. What did you, as a company, do in - In Saudi Arabia the exposure of insurers to COVID-19 relat-
that sense? ed claims was mostly limited to life and certain travel insur-
- We recognize that the business of insurance will be increas- ance products where pandemic related coverage was extend-
ingly conducted through digital means in future. Chubb Arabia ed. Since insurance is interconnected globally, the impact of
has been actively engaged in exploring the transformation of COVID-19 has been one of several factors which have con-
digitally-based distribution and products. We are pioneers in tributed to increased reinsurance pricing.
successfully implementing a fully digital travel insurance prod-
uct which has been distributed through a leading airline’s * What are the latest achievements and developments of
website in Saudi Arabia since 2018. Chubb Arabia is 30% your company?
owned by Chubb Group and as such benefits from this align- - 2021 was another positive year for Chubb Arabia. Some of
ment in terms of branding, technical expertise and operational the many achievements we are proud of includes an
support. This association also means increase in our paid-up capital from 200 to 300 million Saudi
we can call on global insights and are
able to customize and introduce innov- riyals by issuance of bonus shares
ative products and solutions in the Saudi which has provided us with more
market. financial strength to help us execute
our plans.
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AL BAYAN ECONOMIC MAG - ISSUE 602 - JANUARY 2022