Insurance Risk Specialist

About the Role

Saudi Aramco is seeking an Insurance Risk Specialist to join the Insurance Management & Advisory Division (IMAD) within Financial Risk Management (FRMD). This full-time position involves analyzing risk exposures, designing strategies, and procuring insurance to protect company assets and mitigate liabilities.

Role Context and Purpose

IMAD, a division of Treasury, supports Saudi Aramco by identifying, quantifying, and mitigating casualty risks. The primary objective is to reduce the cost of insured and uninsured losses for the company, its subsidiaries, and affiliates. The Insurance Risk Specialist will contribute to all aspects of the Division’s activities.

Key Responsibilities

• Develop strategies to mitigate or transfer risk.
• Analyze, critique, and draft risk allocation, indemnity, insurance, and other related contract provisions.
• Negotiate, implement, and administer insurance and reinsurance placement structures, including the optimal use of captive or alternative finance and transfer mechanisms.
• Develop and advise on the implementation of risk and insurance policies and procedures.
• Manage and coordinate activities of brokers, insurers, consultants, and other service providers, including risk engineering and asset appraisals.
• Negotiate claims and pursue recovery from third parties.

Qualifications and Experience

• A minimum of 10 years of experience in a relevant field.
• Demonstrated project management skills.
• Thorough understanding of contractual risk.
• Working knowledge of captive insurance companies.

Required Skills and Attributes

• Excellent interpersonal and communication skills, with the ability to establish credibility with internal and external parties.
• Flexibility and a team-oriented approach.
• Ability to work with minimum supervision and meet challenging deadlines.
• Competence in planning and coordinating workloads for self and others.
• Ability to deliver high-quality work and proactively overcome issues.
• Capability to offer logical and innovative solutions to complex issues.

Work Environment at Saudi Aramco

Saudi Aramco offers professional, technical, and industrial opportunities on world-scale projects. The company invests in capital and technology, and heavily in talent development, providing extensive workforce development programs to enhance sector-specific knowledge and competencies for employees at all levels.