Page 44 - Insurance Times November 2022

actuarial expert by combining understanding of theories overview about the future vision of the health insurance
and applications in mathematics, statistics, economics and sector in light of the initiatives, economic transformations,
finance, and using this to measure future risks and propose legislation and regulations that allow for the development
solutions to avoid the resulting problems." of the sector according to the vision of the Kingdom 2030
through the three axis that constitute the health insurance
The session addressed the noticeable improvement in the sector, Service providers, insurance companies and
performance of insurance companies during the year 2016 supervisory bodies.
- 2017 after the start of the role of actuarial experts in the
study and estimation of prices and their commitment to In this context, the Chairman of the Health Insurance Sub-
implement the instructions of the Saudi Arabian Monetary Committee and the CEO of Al-Tawuniya Insurance Company
Agency (SAMA). The researchers concluded the importance Abdulaziz Al-Buqspoke about the reality of health insurance
of the actuaries in the insurance sector, especially in the field in the Kingdom. He pointed out that the sector will see
of social health insurance through its role in the application growth in the next ten years at a rate of more than 70%
of statistical and mathematical principles for the preparation without adding visitors and pilgrims who are expected to
of tables of contingencies related to risks and deaths, Constitute an important segment of the insurance sector in
accidents, diseases, disability, unemployment and the next phase. He also pointed the main factors which will
retirement. be the main engine for the growth of the Saudi health
insurance sector, the first of which is the implementation of
Re Insurance the national transformation projects and the vision of the
The fourth session on the first day dealt with the Saudi Kingdom 2030, especially the mega projects which will open
a large area for the employment of Saudi youth and it will
Reinsurance Market - Opportunities and Challenges. The
be a great opportunity to be covered by health insurance.
session was chaired by Fahad Al Hossani, Chief Executive
Officer of Reyad Al Dawaisan, CEO of Kuwait Reinsurance
Al-Buq said that the health insurance will include new
Company, Mr. Mark Cooper, General Representative of
categories of insured including the categories of Saudi
Lloyds Middle East, and Naji Al Tamimi, Chief Executive
citizens working in the private sector and their dependents,
Officer. the Insurance House company in Saudi Arabia and
and the visitors of the Kingdom of tourists and Umrah as
Bahrain.
well as domestic labor and thus contribute to the growth of
this sector. The social changes currently taking place in the
The session concluded the fact that there are excellent
Kingdom will be an important factor for the growth in the
opportunities in the Saudi market for reinsurance and there
number of health insurance coverage.
are companies seeking to develop and support the industry
and economy, so it is necessary to work in an integrated way
The participants discussed the role of the Health Insurance
to develop the market, where there is a strong relationship
Council and its future vision in the development of health
between the insurance market and the relationship is
insurance. Secretary General of the Saudi Health Insurance
strategic and longterm.
Council, said that the Board's vision and responsibilities are
to enhance the value of all parties.
Health Insurance
Dr. Al-Ghamdi pointed to the most important initiatives that
On the second day of the seminar, began with the Sixth
will be presented by the Health Insurance Council such as
session entitled "The Future of Health Insurance", chaired
the unified claims platform project. The project was
by Ali Al-Subhayeen, Board Member of the Board of
launched in 2020 after ensuring technical readiness. As for
Directors of Shadid Re Re-Insurance Company. The speakers
the future expectations of health insurance performance,
included Dr. Shabab Al-Ghamdi, Secretary General of the
the participants expressed their views that the market is
Saudi Health Insurance Council, CEO of Tawuniya Insurance
promising and there will be growth that will help in creating
Company, Member of the Executive Committee and
opportunities for expansion and inviting foreign investors.
Chairman of the Health Insurance Sub-Committee, and Dr.
Khalid Al-Subaie, Chairman of the National Health
Digital transformation
Committee, Member of Riyadh Chamber Council.
The sixth session, entitled "Digital Transformation and its
At the beginning of the session, the Chairman gave an Impact on Services in the Insurance Sector", was moderated
38 November 2022 The Insurance Times