The state of the Saudi insurance industry will be explored and scrutinized amid the protracted global financial crisis during the four-day Saudi Insurance Summit that opens today (May 17) at the Riyadh Marriott Hotel. The slated panel discussions will focus, among others, on the effects of the global financial crisis on the worldwide insurance market and on the formation of a competitive Saudi insurance industry. Other issues like corporate risk and internal insurance management, the health of the Saudi health insurance market and a review of the regional and local reinsurance and Takaful landscape amid a changing environment will also be tackled. The Saudi insurance segment witnessed 24 percent growth between 2006 and 2007 and many new insurance companies are now operating under the Takaful licenses adopted recently in the Kingdom. Dr Abdullah I. Al-Sharif, general secretary, Council for Cooperative Health Insurance (CCHI), said “the Saudi insurance market is poised for further strong growth throughout the next few years, including a five-fold increase in the value of the Takaful insurance market. Currently, well below one percent of the country's GDP (gross domestic product) is spent on insurance. This rate is one of the lowest in the world, so as education and awareness of the benefits of insurance increase, so too will the value of the market.” David Anthony, director - MENA Insurance, Standard and Poor's, added that “despite uncertain economic circumstances in the short-term for the insurance sector in Saudi Arabia, indications are that the Kingdom is among the best positioned of all the Gulf states to resume and sustain economic and insurance growth.” “The fundamental restructuring of the Saudi Arabian insurance sector that has been taking place following the radically new regulations laid down in 2003, and the introduction of compulsory motor liability and, more gradually, compulsory health insurance for foreign residents, is expected to contribute to year-on-year growth in total gross premium income approaching 20 percent. Combined with further growth in the country's population and strong regulation of the sector, the outlook for insurance in Saudi Arabia is very promising,” he added. IIR Middle East, organizer of the Third Saudi Insurance Summit, said on Saturday that representatives from Medgulf, Bupa Arabia and Tawuniya will also join. Barth de Ridder, divisional director - Conferences and Training, IIR Middle East, said “a key aspect of the summit is that delegates can expect unparalleled direct access to key players in the Saudi insurance industry.” The Third Saudi Insurance Summit will be opened with a keynote address by His Excellency Dr Mohammed Al Jasser, Governor, SAMA and will feature timely speeches by, and panel discussions with, some of the industry's most eminent experts. Key speakers at the summit include Dr Saleh Malaikah, chairman of SALAMA; Ali Al Subaihin, CEO of Tawuniya; Ayman El Hout, general manager of Medgulf; Tal Nazer, MANAGING DIRECTOR of Bupa Arabia; Dr Abdullah I. Al-Sharif, general secretary, Council for Cooperative Health Insurance (CCHI); Zeed Al Rubian, risk management officer, Saudi Telecom Company; David Anthony, director - MENA Insurance, Standard and Poor's; Isaaq Awad Sahhar, director - construction and engineering division, United Insurance Brokers Ltd; and Sam Thanvi, group head
