Insurance Risk Manager - Aramco

Please note that this role is based in Saudi Arabia on a permanent, residential basis.

Overview

We are seeking an Insurance Risk Specialist to join the Insurance Management & Advisory Division (IMAD) of Financial Risk Management (FRMD) at Saudi Aramco. IMAD is within Treasury and its function is to provide support across the Company through the identification, quantification, and mitigation of casualty risks and to reduce the cost of insured and uninsured loss to the Company, its subsidiaries, and affiliates. Your role will be to analyze risk exposures, design strategies, and procure insurance to protect assets and mitigate the liabilities of a growing company.

Key Responsibilities

• Apply working knowledge of captive insurance companies.
• Develop strategy 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 optimal use of captive or alternative finance and transfer mechanisms).
• Develop and advise on the implementation of risk and insurance policy and procedures.
• Manage and coordinate broker, insurer, consultant, and other service provider activities (including risk engineering and asset appraisals); negotiate claims and pursue recovery from third parties.
• Mentor and develop staff.
• Represent the interests of the Division at internal and external meetings and assignments.

Minimum Requirements

• Bachelors or Masters degree, preferably in insurance or risk management from a recognized and approved program.
• A professional certification such as ACII, CMIRM, SIRM, or CPCU is preferred.
• 15 years of experience in the oil & gas, petrochemical industry, or a major corporate organization.
• Have relevant corporate risk and insurance expertise obtained from industry, international broking, risk management, or insurance company background and ideally with experience in the energy and petrochemical industry sector.

Working Environment

Our high-performing employees are drawn by the challenging and rewarding professional, technical, and industrial opportunities we offer, and are remunerated accordingly. At Aramco, our people work on truly world-scale projects, supported by investment in capital and technology that is second to none. And because, as a global energy company, we are faced with addressing some of the world’s biggest technical, logistical, and environmental challenges, we invest heavily in talent development. We have a proud history of educating and training our workforce over many decades. Employees at all levels are encouraged to improve their sector-specific knowledge and competencies through our workforce development programs – one of the largest in the world.