Business & Money | Wednesday 23 January, 2019 1:11 pm |

Under the patronage of Dr. Ahmed Abdulkarim Alkholifey, Governor of the Saudi ArabianMonetary Authority (SAMA), the General Committee of Insurance Companies is organizing the 5thSaudi Insurance Symposium (SIC). 

Held under the theme "Insurance: Protection and Sustainability," the event will be held at the King Fahad Cultural Center in Riyadh on March 27-28, 2019. Building on the success achieved over the four previous symposiums, more than 1,000 specialists and insurance executives, as well as top administrators and executives from local and international organizations are expected to attend.

Saudi Insurance Symposium is the largest gathering for Saudi insurance companies and the wider GCC region. Held on a biennial basis, the event aims to promote the economic role the insurance sector plays in economic development and offering solutions to pressing challenges facing the industry.

This year’s event includes discussions related to critical issues such as the impact of foreign insurance companies entering the market, as well as the role of insurance companies in supporting small- and mid-sized enterprises (SMEs). In addition, issues related to society such as the role of insurance to enhance the savings cultureand auto insurance for women will also be discussed. 

The 5thSaudi Insurance Symposium will also build on the positive impact that Saudi Vision 2030 and the subsequent economic reforms and actions undertaken have had on the Saudi insurance sector. Officials from leading local and regional insurance and reinsurance companies will discuss the economic role of the insurance sector within Saudi Arabia’s economic development in light of the many new policies and regulations issued by SAMA over the last two years.

Speaking about the event, Mr. Adel Al-Eisa, media spokesperson for the insurance companies, said, "The 5thSaudi Insurance Symposium comes at a time in which there is strong public awareness of the importance of the role played by the Saudi insurance sector with regards to the economic transformation the Kingdom is currently undergoing."

Al-Eisa went on to point out that the sector boasts promising growth opportunities that will come to fruition with more concerted efforts and increased public-private partnerships. For example, there have been notable improvements in the sector in terms of private contribution to the Saudi economy, a rise in awareness of insurance services, and implementation of the policies and regulations issued by SAMA.

“We are confident that the symposium will feature plenty of dynamic discussions that will further enrich the experience of the insurance industry, a cornerstone of any successful, sophisticated economy, and we look forward to the sector’s continuing success,” Al-Eisa concluded.