Chubb Arabia Appoints Kamran Mazhar as CEO
Chubb has announced the appointment of Kamran Mazhar as the chief executive officer of Chubb Arabia, marking a significant return to the company for this seasoned insurance leader. Mazhar, who previously held the same role, transitions back to Chubb from Liva Insurance, where he excelled as CEO.
Bringing over 23 years of industry experience, Mazhar has held senior leadership roles across diverse regions, including Pakistan and Saudi Arabia. His prior tenure at Chubb saw him leading the Saudi entity from 2019 to 2023, as well as holding various positions within Chubb affiliates since 2001.
In his new capacity, Mazhar will spearhead strategy and operations across Chubb Arabia’s regional business, with a focused vision on growth and positioning within Saudi Arabia’s evolving insurance sector. Serge Osouf, chairman of Chubb Arabia’s board, expressed confidence in Mazhar’s capabilities, stating that his deep knowledge of the local insurance landscape and previous experience with Chubb position him to significantly advance the company’s objectives in the region.
“We are delighted that Kamran is rejoining Chubb Arabia. He is a highly experienced leader with a proven track record. His deep understanding of both Chubb and the insurance market in the Kingdom of Saudi Arabia will allow us to continue to grow our business in the market, and we look forward to working with him again,” said Osouf.
Peter Kelaher, Chubb’s division president for Continental Europe, the Middle East, and North Africa, commented that Mazhar’s return will bolster the company’s business continuity and customer engagement strategy. “Kamran’s leadership will position Chubb for continued success and innovation in the insurance landscape of Saudi Arabia. His proven ability to navigate complex market conditions and foster strong relationships with clients will be instrumental as we aim to meet the evolving needs of our customers,” Kelaher added.
Mazhar holds an executive MBA from HEC Paris, a BA in economics from the University of Texas at Austin, and a Diploma in Insurance from the Chartered Insurance Institute in the UK.
His appointment coincides with a period of projected growth for Saudi Arabia’s general insurance market. According to GlobalData, gross written premiums are expected to rise from SAR68.8 billion (US$18.4 billion) in 2024 to SAR105.3 billion (US$28.1 billion) by 2029, reflecting an 8.9% compound annual growth rate.
Key drivers of this anticipated growth include regulatory reforms, such as increased capital thresholds likely to lead to market consolidation. Additionally, economic diversification initiatives under Saudi Vision 2030 are shaping insurance trends. With investments in infrastructure, logistics, clean energy, and mining, insurers are witnessing heightened demand across various lines.
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