Bupa Arabia for Cooperative Insurance, a leading health insurance company in the Kingdom, participated in the 6th edition of the Saudi Insurance Symposium, which was organized by the General Insurance Committee on Sept. 28-29 at the Four Seasons Hotel in Riyadh.
The event, which spotlighted the growth and evolution of the insurance sector, was sponsored by Dr. Fahd Abdullah Al-Mubarak, governor of the Central Bank of Saudi Arabia.
The symposium this year was graced by the presence of more than 1,000 regional insurance experts, in addition to the participation of selected local and international administrators and executives.
With the insurance sector playing an indispensable role in the national economy, the two-day conference provided a timely opportunity for industry leaders to review developments in the sector and provide solutions to its most pressing challenges.
Loay Nazer, chairman of the board at Bupa Arabia, participated in a panel discussion on “Economic Growth and Developments in the Insurance Industry” with Dr. Khaled Al-Dhaher, vice governor for supervision and technology, SAMA; and Abdulmohsen Al-Fares, chairman of the board, Alinma Tokio Marine Co.
“Bupa Arabia’s participation at the Saudi Insurance Symposium came as part of our continuous efforts to be active partners in the development and growth of the insurance industry in Saudi Arabia and to support the government’s directions aimed at developing the Saudi insurance sector,” Nazer said.
Moderated by Resini Alresini of the Saudi Central Bank, the panel shed light on the developments in the Saudi insurance industry under the ambitious Vision 2030.
During the session, Nazer stressed the importance of building Saudi national cadres in the insurance sector and training them to provide quality services and distinctive insurance products.
He also said that the insurance sector has created 17,000 job opportunities in the Kingdom, estimating the Saudization rate in the sector at 77 percent.
Ali Sheneamer, chief ubsiness development officer at Bupa Arabia, moderated the panel discussion “InsurTech and Value Added” with several key leaders and CEOs in the industry discussing the significance of digital transformation currently underway in the insurance sector.
Bupa Arabia’s CEO Tal Nazer also joined a panel discussion on “The Future of Health Insurance.”