Page 42 - Insurance Times November 2022

6th Saudi Insurance

Symposium

Four Seasons Hotel, Kingdom Tower - Riyadh
Sept 28 & 29, 2022, Saudi Arabia

S. G. Afzal Biya Bani
Resident Editor, (MENA),
The Insurance Times

Our Resident Editor (MENA) Mr.S.G.Afzal Biya Bani attended "The Sixth Saudi Insurance
Symposium" event in Riyadh, Saudi Arabia for 2 days on behalf of The Insurance Times. Here
is the summary of deliberations in the Conference.

he Saudi Insurance Symposium (SIS) is one of the role of the actuarial expert in developing the sector,
T largest forums for the insurance companies challenges, and opportunities for the reinsurance market.
across Middle East. Since the first version in
February 2011, the symposium has adopted
Sustainability", was a qualitative educational platform
several policies that have had a positive impact on the The symposium, under the slogan "Protection and
insurance industry in Saudi Arabia. through serious discussions on enabling the development of
the sector and introducing a package of realistic solutions.
The Saudi Insurance Symposium organized periodically every
two years to shed a light on the insurance sector's role in
Weak confidence in corporate performance
developing the national economy and providing solutions to
The most important challenges facing the insurance sector
the most important challenges facing this sector in Saudi
is mainly the weakness of confidence in the performance of
Arabia. SIS works to set clear plans to address these
companies as a result of historical factors.
challenges and to formulate a new vision for the insurance
sector's future and its effects on the overall economic
Dr. Fahd bin Abdullah Al-Mubarak, Governor of the Saudi
development.
Central Bank (SAMA)said - 85 percent of the insurance
The event SIS has outlined the future of the local insurance policies sold were vehicles and health insurance only, and
this requires further diversification and the provision of new
sector in front of the attendance of 1200 senior officials and
products with efforts to enhance more options to the
those interested in the insurance sector from inside and
outside the Kingdom. customers.

The eight panel discussions and deliberations outside the During the panel discussion, which was chaired by Abdulaziz
auditorium during the two-day sessions of Riyadh focused Al Sudais, Chairman of the General Committee of Insurance
on foreign investments, savings, the future of health Companies, the governor said the vision of the Kingdom of
insurance and the issues of digital transformation, and the 2030 is ambitious and its programs and initiatives are

36 November 2022 The Insurance Times