Page 45 - Insurance Times November 2022

by Fawaz Al Hajji, CEO of Malath Insurance Company and risks of cyber-attacks. He added: "There is no doubt that
member of the Executive Committee and Chairman of the these risks cause a state of concern at the level of business,
Vehicle Insurance Subcommittee. The meeting was and from this perspective, the relevant bodies to oversee
attended by Ziad Al Yousif, General of Sales of Electronic the insurance sector to develop perceptions about the need
Products at Alam Company, Dr. Mohammed Sulaiman CEO to keep pace with the changes imposed by the nature of
of Najm, and Jan Olsen Technical Director, Hani Al Dahan, circumstances.
Deputy Secretary General of Saudi Commission for
Accredited Residents.
Accounting Standard 17
The meeting discussed the impact of the application of IAS
The session reviewed the electronic payments hub, where
17 on insurance companies managed by Ammar Halawani,
more than 20% of the financial transactions are now being
CEO of Arabiya Insurance Company, member of the
electronically taking place. The insurance sector is going to
Executive Committee and Chairman of the Financial Sub-
benefit from these services in order to mitigate the negative
Committee, with the participation of Ibrahim Al Bassam,
effects of fraud and facilitate claims. Insurance sector is one
Executive Partner of Al Bassam & Associates United
of the sectors which is in need of these type of technical
Accountants, Milliman Al Sal, and Sergio Gerazim, Partner
service.
at PwC Middle East.
The future of insurance from a global At the 6th Saudi Insurance Symposium (SIS), Finance
perspective Minister Mohammed Al-Jadaan stated that a new unified
regulator for the insurance sector in Saudi Arabia would be
The seventh session entitled "The Future of Insurance - From
established soon.He invited all the local and international
a Global Perspective", which was moderated by the CEO of
investors to invest in it and asked them to take the sector
Gulf General Insurance Company and Executive Committee
seriously.He also invited the international insurance
Member IhabLengawi. Tal Nazer, CEO of Bupa Arabia and
companies to invest in Saudi Arabia, by opening branches
Vice Chairman of the Insurance Executive Committee,
of their companies, or investing through joining Saudi
expressed his optimism about the future of the Kingdom's
investors.
insurance sector, which represents a large market of more
than 30 companies providing diversified insurance services
Saudi Arabia's leadership led by Custodian of the Two Holy
and products.
Mosques King Salman and under the supervision of the
Crown Prince Mohammed Bin Salman, prime minister, is
On the evolution of the insurance sector in the Kingdom,
very serious about developing the financial sector, especially
which is the sale of electronic insurance products, Tal said:
the insurance sector, he confirmed.Al-Jadaan noted that the
"Of course this is a significant step imposed by the
developments of modern technology, which contributes to insurance sector needs strong entities that are able to
expand inside and outside Saudi Arabia, while also offering
improving the level of service, in addition to facilitating
procedures for the purchase of insurance. several new services.He added that the Saudi Central Bank
(SAMA) has offered several catalysts and also developed the
In his speech at the same session, Dr. Götz Kura, partner at financial market.
Oliver Wyman, spoke about the premise of Vision 2030 for
The Ministry of Finance in cooperation with the government
the insurance industry. "Vision 2030 has developed solutions
will work to push the insurance sector in order to grow more
to address the challenges facing the insurance sector in the
during the next period, Al-Jadaan said.He noted that the
Kingdom, to develop a framework for the development of
insurance sector holds huge opportunities and receives
the sector, adding that insurance is part of the integrated
great support from the Kingdom's leadership.
community system, but it is necessary to develop a policy
framework and a plan of action.
The symposium shed light on a wide range of insurance-
focused issues, including matters concerning insurance
Pierre Fernosois, Director of Deloitte London, spoke about
logistic companies, such as the role of health insurance in
the challenges faced by the insurance industry from a global
savings and bolstering the national economy.
perspective, including climate change and its risks from the
economic perspective, technological developments and the Photographs on page 55
The Insurance Times November 2022 39