Insurance Risk Specialist

Aramco; Saudi Arabia; On-site; USD 80,000 - 120,000; Full time

Job summary

A leading company in the energy sector seeks an Insurance Risk Specialist to join its Financial Risk Management division. You will analyze risk exposures and develop strategies to mitigate them, ensuring effective insurance coverage for assets. Ideal candidates have a degree in risk management and extensive industry experience. This role offers the opportunity to work on impactful projects while contributing to the safety and efficiency of operations.

Qualifications

• 15 years of experience in oil & gas or corporate risk management.
• Relevant insurance expertise from industry or international broking.
• Deep knowledge of the energy and petrochemical sector.

Responsibilities

• Analyze risk exposures and design strategies.
• Negotiate and administer insurance placement structures.
• Develop risk and insurance policy and procedures.

Skills

Risk Analysis

Negotiation

Contract Drafting

Mentoring

Education

Bachelors or Masters degree in insurance or risk management

Professional certification (ACII, CMIRM, SIRM, CPCU)

Job description

Aramco energizes the world economy.

Aramco occupies a special position in the global energy industry. We are one of the world’s largest producers of hydrocarbon energy and chemicals, with among the lowest Upstream carbon intensities of any major producer.

With our significant investment in technology and infrastructure, we strive to maximize the value of the energy we produce for the world along with a commitment to enhance Aramco’s value to society.

Headquartered in the Kingdom of Saudi Arabia, and with offices around the world, we combine market discipline with a ’ spanning view of the future, born of our nine decades experience as responsible stewards of the Kingdom’s vast hydrocarbon resources. This responsibility has driven us to deliver significant societal and economic benefits to not just the Kingdom, but also to a vast number of communities, economies, and countries that rely on the vital and reliable energy that we supply.

We are one of the most profitable companies in the world, as well as amongst the top five global companies by market capitalization.

Overview

We are seeking an Insurance Risk Specialist to join 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

As the successful candidate you will be required to perform the following:

• 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

As a successful candidate you will hold the following:

• 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 .
• 15 years 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 of the energy and petrochemical industry sector.

Job Post Duration

Job posting start date: 07/01/2025

Job posting end date: 12/31/2025

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.