Business insurance · Saudi Arabia
GIG Saudi
Riyadh-based Gulf Insurance Group company with engineering cover for projects and equipment
Market position
GIG Saudi is the Saudi company of Gulf Insurance Group (GIG), the Boursa Kuwait-listed group in which Fairfax Financial Holdings holds 97.06% after a 2024 tender offer. It was formerly AXA Cooperative Insurance Company: GIG completed its purchase of AXA's Gulf operations in 2021 and shareholders approved the rebrand to Gulf Insurance Group in 2022. Headquartered in Riyadh and supervised by the Insurance Authority, it sells engineering insurance that it says protects construction and installation projects at any stage, plus the machines and equipment used on them.
Saudi Arabia-specific note
GIG Saudi (gig.sa, Riyadh, commercial registration 1010271203) is a separate company from GIG's businesses in the UAE, Bahrain, Oman and Qatar, which trade as GIG - Gulf on their own country websites.
Pros
- + Engineering cover for construction and installation projects at any stage
- + Covers the machines and equipment used on projects
- + Liability and property cover also sold to businesses
- + Claims guided by a named GIG Account Manager
Cons
- − No published prices or limits
- − Engineering page does not list specific covers or exclusions
- − Each Gulf country is served by a separate GIG company
Typical Saudi Arabia pricing
No prices or limits are published on GIG Saudi's engineering insurance page.
Why this matters for Saudi Arabia trades
The Engineering Professions Practice Law requires Saudi Council of Engineers (SCE) accreditation before anyone practises engineering, with fines of up to SAR 1 million. Under the Contractor Classification Law, government bodies may not accept a bid for a project subject to classification unless the contractor is classified in its field, activity and grade; classification requests and building permits are filed on Balady, where permit plans are checked against the Saudi Building Code and latent defects insurance is a required document. ZATCA’s Phase 2 requires businesses called in by turnover wave to connect their invoicing software to the Fatoora platform (EY reports that Wave 25 reaches taxable turnover above SAR 187,500 and that businesses in it should prepare to comply with Phase 2 starting from 1 February 2027). Nitaqat places each entity in one of five Saudization ranges that decide access to services such as new expatriate visas and work permits, and Argaam reported in 2018 that firms must join the Saudi Contractors Authority before bidding for tenders.
Saudi construction and trades software selection is shaped by ZATCA’s mandatory e-invoicing regime (Phase 2 integration with the Fatoora platform, rolled out in turnover waves), contractor classification by the Ministry of Municipalities and Housing for public projects, building permits on Balady checked against the mandatory Saudi Building Code, Saudization ranges under Nitaqat tracked on Qiwa, and government tenders run on Etimad. Several vendors listed here offer Arabic and English interfaces, and some publish SAR prices.
Frequently asked
Is GIG Saudi a good fit for Saudi Arabia trades?
GIG Saudi is the Saudi company of Gulf Insurance Group (GIG), the Boursa Kuwait-listed group in which Fairfax Financial Holdings holds 97.06% after a 2024 tender offer. It was formerly AXA Cooperative Insurance Company: GIG completed its purchase of AXA's Gulf operations in 2021 and shareholders approved the rebrand to Gulf Insurance Group in 2022. Headquartered in Riyadh and supervised by the Insurance Authority, it sells engineering insurance that it says protects construction and installation projects at any stage, plus the machines and equipment used on them. GIG Saudi (gig.sa, Riyadh, commercial registration 1010271203) is a separate company from GIG's businesses in the UAE, Bahrain, Oman and Qatar, which trade as GIG - Gulf on their own country websites.
What does GIG Saudi cost in Saudi Arabia?
No prices or limits are published on GIG Saudi's engineering insurance page. Pricing and availability can change by region; confirm current Saudi Arabia pricing on the vendor's site before committing.