JEDDAH, 3 June 2004 — The “First Saudi international insurance forum” is being held at Jeddah Hilton for two days from June 8.
“The forum will address some of the key issues facing the Kingdom’s insurance sector,” Basil M. Al-Ghalayini of BMG Financial Advisers told Arab News yesterday. BMG is organizing the event in association with Saudi Arabian Monetary Agency (SAMA).
Technical issues including solvency and retention ratios, actuarial requirements, and those related to savings and endowment types of insurance policies will be in focus. Besides, assets management rules and regulations of premium proceeds, employment issues including training and Saudization, legal matters, and cooperative and takaful insurance plans will also be discussed. The forum, in particular, will deliberate on initial public offering (IPO) requirements as per the Saudi insurance law.
International regulators will present research and working papers on a range of subjects, including reinsurance, mergers, valuations and asset management. Bank Al Jazira will present its experience on takaful ta’awuni, while GlobeMed will discuss issues related to health insurance. “The Kingdom expects to top the growing insurance markets in the Middle East, with a volume exceeding SR7 billion in the coming three years,” Al-Ghalayini said.
MedGulf Insurance, Bank Al Jazira Takaful Ta’awuni, Abdul Latif Jameel Co. Ltd. Hemayah, Royal & Sun Alliance, National Insurance services, and Arabian Brokers for Insurance & Reinsurance are among the event’s sponsors.