Third Saudi Insurance Summit concludes amid 27% market growth and optimistic sentiment

Delegates came away from the summit informed of the challenges and opportunities facing the Saudi insurance market, with the benefit of expert knowledge gleaned from eminent speakers.

The figures confirmed the potential of the insurance market in the most-populated country in the GCC, as well as highlighting how the sector is becoming more competitive.

Following the opening speech, delegates were able to attend and participate in panel discussions given by leading experts in the Saudi insurance sector.

The discussions went on to explore the status of the insurance market in general, and the challenges and the opportunities in detail, especially those presented by increasing levels of competition and regulation.

Speakers included Prakash Abraham, Business Advisory Manager, Oracle, who examined the global insurance industry and the trends within it, including changing business models and working methods, increasingly tough regulations and rising consumer power.

"These findings help to provide a guide for insurance companies who wish to remain at the forefront of the sector," said Abraham. "The challenges in being able to provide a delivery platform for Next Generation Insurance are far outweighed by the benefits of being better-placed to capitalise on the potential of the KSA insurance market."

The growing importance of regulation in the Saudi insurance market was explored by Chris Symeonidis, Chief Executive Officer and Deon Kotze, Director of Manar Sigma Financial Consulting. 'An Actuarial Perspective: Securing sustainable growth through cutting-edge regulation' gave an overview of Sama's regulatory framework, examined how this is in line with international regulatory best practice and emphasised how the rapid growth of the insurance market in the Kingdom must be carefully managed in order to maximise the benefits for industry players and their customers.

Further insight into the increasing importance and huge potential of the Saudi insurance sector was provided by David Anthony, Director - Mena Insurance, Standard and Poor's in his presentation 'The analysis and rating of Saudi Arabian insurers and reinsurers'. Simon Fisher, Director - Insurance Management, Heritage London & Middle East examined the positive outlook for captive insurers in the Kingdom.

Additional key speakers at the Summit included: 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, Isaaq Awad Sahhar, Director - Construction and Engineering Division, United Insurance Brokers Ltd., and Sam Thanvi, Group Head - Takaful of Bank Al Jazeera.

The five interactive panel discussions encouraged a frank and open exchange between members of the panel, allowing delegates to benefit from invaluable insights and the featured speakers' expertise.

The panel discussions covered topics such as the effects of the global financial crisis on the worldwide insurance market, how the formation of a competitive Saudi insurance industry is being affected by current economic conditions, corporate risk and internal insurance management, what the health is of the Saudi health insurance market and a review of the regional and local reinsurance and Takaful landscape amid a changing environment.