The Company for Co-operative Insurance (NCCI) will support the second Saudi Insurance Summit.

The event will be held at the Jeddah Hilton Hotel from October 28 to 31, 2007. NCCI transacts cooperative insurance operations and all related activities including reinsurance and agency activities in motor, marine, fire, medical, engineering, energy, aviation, Takaful and casualty insurance proving an ideal partner for the summit.

'Since inception, NCCI has been at the forefront of the Saudi insurance industry, pioneering industry-wide standards and establishing ground-breaking products. By supporting key industry events such as the second Saudi Insurance Summit, NCCI aims to consolidate its market position as insurer of choice throughout the Kingdom,' said CEO of NCCI Ali Al Subaihin.

The Saudi insurance market has been gaining momentum due to a series of initiatives introduced by The Saudi Arabian Monetary Agency (SAMA) which endeavours to develop the insurance industry through market liberalisation. SAMA has approved the launch of 26 local and foreign insurance companies in the Kingdom, with a further ten applications currently under review.

'Industry analysts firmly believe that new laws and newly licensed companies will provide a major boost to the industry, by curbing the activities of unlicensed companies. Potentially this new found confidence could double the size of the Saudi insurance market over the next five years,' said conference manager for the second Saudi Insurance Summit Deep Marwaha.

Last year's Saudi Insurance Summit attracted over 300 insurance professionals and this year with the approval of the Governor of Jeddah, Prince Mishaal bin Majed bin Abdulaziz, organiser IIR Middle East is expecting a bumper turnout from the main regulators and key industry players within this burgeoning market.

The summit will address all of the current issues and identify the essential developments through a series of thought provoking presentations and panel discussions, allowing participants ample opportunity to debate with high profile regional and international experts.

'In addition to the excellent resource of insurance experts, the 2nd Saudi Insurance Summit is also a unique opportunity to network with key decision makers from regulatory bodies, insurance companies, banks, advisories and corporations,' added Marwaha.

NCCI are Diamond Sponsors, and Medgulf are Platinum Sponsors for the event.Trade Arabia News Service