Page 43 - Insurance Times November 2022

supportive of the economic transformation and development HadiHashisha, Chief Executive of SCOR Re in the Middle East
programs and we hope that the insurance sector will and North Africa, said Foreign investors have enough
achieve these aspirations and strengthen the culture of risk resources and potential to enrich local markets by
management and raise the sector's contribution to GDP, introducing modern technology and developing sales
which currently stands at 1.5%. technology, such as electronic stores, as well as launching
specialized insurance products such as cyber risk insurance".
He further added "We look forward to improve customer
satisfaction and provide a high level of quality and speed in Insurance in savings
resolving complaints in order to create confidence in
In the second session of the seminar entitled "The Role of
performance. The Foundation has more than 150 employees
Insurance in Saving", the Director General of Insurance
and staff focused on their duties to receive complaints and
Supervision at the Saudi Arabian Monetary Agency, Abdullah
follow-up through the links with financial institutions, banks
Al-Tuwaijri, attributed the reasons for the low saving rate
and insurance companies. At the end of 2018 about 30
among Saudis due to the absence of incentives for saving,
thousand complaints related to the insurance sector were
in addition to the low level of awareness. He added Vision
mostly resolved. The Governor revealed that SAMA has
2030 has adopted several initiatives, through the launch of
launched a reconciliation between the client and the
the Financial Sector Development Program.
insurance companies, which deals with complaints regarding
vehicle insurance of less than SR 50,000.
"The third pillar of the financial sector development program
is to enable financial planning to support and stimulate
Foreign investments and savings demand for savings products, to support innovation, to
improve the savings system, and to enhance the efficiency
The Deputy Governor of the Saudi Arabian Monetary
of the financial sector," said Abdullah Al-Tuwaijri.
Agency (SAMA), Dr. Fahad Al-Shathri, emphasized the
importance of Vision 2030 initiatives in enhancing the
"There is no doubt that there is a need to address the
national economy by diversifying sources of income and the
insurance sector is one of the development sectors targeted reasons for the low savings rate, which is due to the low
level of awareness, lack of discipline or commitment to
by the vision. The entry of foreign companies will contribute
continue saving," said Mazen Abu Shakra, Gen Re Regional
to the development of the local insurance market and the
Director for the Middle East, North Africa and Cyprus. The
entry of new players will lead to the adoption of modern
technologies, especially in insurance products, in addition to second reason is the most prominent, but there are factors
contributing to the low level of savings, such as the
increased confidence, and promote the principle of
dependence of many young people on their families to
transparency and governance. Dr. FahadAl-Shathri added:
ensure the minimum standard of living, in addition to the
"Foreign investment or the entry of branches of foreign
lack of sophisticated products to address the youth audience,
insurance companies in the Saudi market will enhance the
which accounts for 60% of the population of the Kingdom.
skills and expertise and develop national cadres because of
Nayef Al-Misnad, Executive Director of Wealth
the competitive environment.
Management at NCB, reviewed several models of savings
On the UAE's experience in attracting foreign insurance and stressed the need to strengthen the public-private
partnership system in adopting important steps towards
companies, Emirates Insurance General Manager Ibrahim
enhancing awareness of the importance of savings.
Al Zaabi said: "The UAE has a unique experience with
foreign insurance companies, which has been the core to
the development of the UAE market. Most of these Actuarial expert
companies have high professional standards that had a The third session was "The Actuarial Expert and its Role in
positive impact in the market." the Development of the Insurance Sector", chaired by
Johnson Vargas, CEO of Walaa Insurance Company, with
"We now have specialized insurance products in the UAE SarwarJarami, Actuarial Expert at SAMA, Ahmed Al Qureshi,
market, such as expatriate labor insurance and industrial Risk Manager, Actuarial in the Middle East at Melman, as
park insurance. These products come as a result of the high speakers at the session.
level of competition between insurance companies in the
local market," Al Zaabi said. The session focused on "defining the responsibilities of the

The Insurance Times November 2022 37