The fifth Saudi Insurance Symposium gathered a number of insurance experts and government officials to discuss issues and challenges facing the sector. The two-day event was held in Riyadh March 27-28 under the patronage of Saudi Arabian Monetary Authority (SAMA) Governor Dr. Ahmed Abdulkarim Al-Kholifey.
During the first panel discussion, participants discussed the positive impact of the entry of foreign insurance companies into the Saudi market. Deputy SAMA Governor for Supervision Dr. Fahad Al-Shathri highlighted the importance of the Saudi Vision 2030, which aims to enhance the national economy by diversifying income sources.
“The insurance sector is one of the vital sectors targeted by Vision 2030 as it is an essential supporting sector of the Kingdom’s economic growth. The foreign insurance companies will play an important role to empower the local insurance market. At the same time, the new players’ entry into the local market will help to bring new technology, enhance the innovation concept to launch new insurance products and enhance the trust, transparency and governance,” Al-Shathri said.
He said foreign investments in the insurance market will create a competitive environment, which in turn will enhance the work skills and experiences of the Saudi youth. Al-Shathri also underlined the important role of SAMA in launching several training programs for the Saudi youth, which help enhance their readiness for work in the insurance sector.
On the UAE experience in attracting foreign insurance companies, Director General of UAE Insurance Authority Ebrahim Obaid Al-Zaabi said: “The foreign insurance companies have had a successful experience in the local insurance market. The foreign companies contributed in developing the UAE market as most of these companies have professional standards that enriched the sector. At the same time, the UAE Insurance Authority adopted a new system to gradually enhance control on the insurance firms. This step also developed the governance standards in the insurance sector.”
In the same panel discussion which was moderated by Hussam Al-Kannas, CEO of Al-Etihad Insurance Co. and Chairman of PCR Subcommittee, CEO of SCOR Re MENA Hedi Hachicha said: “I agree with what was said at this panel that the foreign insurance companies have the potential to enrich the local markets by introducing modern technology and developing sales technology, such as e-stores, as well as the launch of specialized insurance products like cyber-risk insurance.”
In the second panel discussion titled “Insurance role in savings,” General Director of Insurance Control Department in SAMA Abdullah Al-Towaijri underlined the need to promote a saving culture among citizens.
He said the Kingdom’s Vision 2030 has adopted several initiatives through the Financial Sector Development Program (FSDP) to support and stimulate the demand for savings products, financial education and improve savings.
During the first panel discussion, participants discussed the positive impact of the entry of foreign insurance companies into the Saudi market. Deputy SAMA Governor for Supervision Dr. Fahad Al-Shathri highlighted the importance of the Saudi Vision 2030, which aims to enhance the national economy by diversifying income sources.
“The insurance sector is one of the vital sectors targeted by Vision 2030 as it is an essential supporting sector of the Kingdom’s economic growth. The foreign insurance companies will play an important role to empower the local insurance market. At the same time, the new players’ entry into the local market will help to bring new technology, enhance the innovation concept to launch new insurance products and enhance the trust, transparency and governance,” Al-Shathri said.
He said foreign investments in the insurance market will create a competitive environment, which in turn will enhance the work skills and experiences of the Saudi youth. Al-Shathri also underlined the important role of SAMA in launching several training programs for the Saudi youth, which help enhance their readiness for work in the insurance sector.
On the UAE experience in attracting foreign insurance companies, Director General of UAE Insurance Authority Ebrahim Obaid Al-Zaabi said: “The foreign insurance companies have had a successful experience in the local insurance market. The foreign companies contributed in developing the UAE market as most of these companies have professional standards that enriched the sector. At the same time, the UAE Insurance Authority adopted a new system to gradually enhance control on the insurance firms. This step also developed the governance standards in the insurance sector.”
In the same panel discussion which was moderated by Hussam Al-Kannas, CEO of Al-Etihad Insurance Co. and Chairman of PCR Subcommittee, CEO of SCOR Re MENA Hedi Hachicha said: “I agree with what was said at this panel that the foreign insurance companies have the potential to enrich the local markets by introducing modern technology and developing sales technology, such as e-stores, as well as the launch of specialized insurance products like cyber-risk insurance.”
In the second panel discussion titled “Insurance role in savings,” General Director of Insurance Control Department in SAMA Abdullah Al-Towaijri underlined the need to promote a saving culture among citizens.
He said the Kingdom’s Vision 2030 has adopted several initiatives through the Financial Sector Development Program (FSDP) to support and stimulate the demand for savings products, financial education and improve savings.
