Insurance summit to discuss opportunities
Riyadh, May 19, 2009
A line-up of high-profile panelists will join discussions on key opportunities in the liberalised Saudi insurance sector at an upcoming insurance summit, said the organisers.
Representatives from Medgulf, Bupa Arabia and Tawuniya will join the third Saudi Insurance Summit that is taking place from May 17 to 20 at the Riyadh Marriott Hotel in Riyadh.
“I am delighted to be welcoming new panel speakers to the Third Saudi Insurance Summit, whose expertise will bring further value to the 300 key figures attending the event,” said Barth de Ridder, divisional director – conferences and training, IIR Middle East, a leading provider of specialist information and services, and organisers of the event.
“A key aspect of the summit is that delegates can expect unparalleled direct access to key players in the Saudi insurance industry,” he added.
The Saudi insurance segment witnessed growth of 24 per cent between 2006 and 2007 and many new insurance companies are now operating under the takaful licences recently made available in Saudi Arabia.
Dr Abdullah I. Al Sharif, general secretary, Council for Cooperative Health Insurance (CCHI) said: “The Saudi insurance market is poised for further strong growth throughout the next few years, including a five-fold increase in the value of the takaful insurance market.
“Currently, well below one percent of the country’s GDP (gross domestic product) is spent on insurance. This rate is one of the lowest in the world, so as education and awareness of the benefits of insurance increase, so too will the value of the market.”
David Anthony, director – Mena Insurance, Standard and Poor’s, added: “Despite uncertain economic circumstances in the short-term for the insurance sector in Saudi Arabia, the indications are that the Kingdom is among the best positioned of all the Gulf states to resume and sustain economic and insurance growth.
“The fundamental restructuring of the Saudi Arabian insurance sector that has been taking place following the radically new regulations laid down in 2003, and the introduction of compulsory motor liability and, more gradually, compulsory health insurance for foreign residents, is expected to contribute to year-on-year growth in total gross premium income approaching 20 per cent.
"Combined with further growth in the country’s population and strong regulation of the sector, the outlook for insurance in Saudi Arabia is very promising.”
Five interactive panel discussions will encourage a frank and open exchange between members of the panel, allowing delegates to benefit from invaluable insights and the benefit of the featured speakers' expertise.
The panel discussions will cover topics such as the effects of the global financial crisis on the worldwide insurance market, how the formation of a competitive Saudi insurance industry is being affected by current economic conditions, corporate risk and internal insurance management, what the health is of the Saudi health insurance market and a review of the regional and local reinsurance and Takaful landscape amid a changing environment. – TradeArabia News Service