Saudi Re conducts seminar on 'Saudi P&C Market: Trends and Developments'
- Saudi Arabia: Monday, October 22 - 2012 at 09:39
- PRESS RELEASE
As part of its efforts to share best practice with its clients, Saudi Re has organized a seminar to its clients titled: 'Saudi P&C Market: Trends and Developments'. The seminar was held in Riyadh and was attended by a number of executives from insurance companies in the Saudi industry.
It was also highlighted that the current pricing trend might affect the performance of the insurance portfolios negatively which subsequently would make it difficult for insurance companies to obtain first class reinsurance coverage.
Further, the speakers stressed that applying technical factors in pricing in addition to the use of actuarial studies are very significant in arriving at a technically sound insurance rate.
Linked to this, the seminar addressed the design of optimal reinsurance coverage as well as issues relating to managing exposure and setting retention levels.
Mr. Fahad Al-Hesni, MD-CEO of Saudi Re, commented, "The Saudi Insurance Market grew by 12.8% in 2011, exceeding SR18.5bn compared to SR16.4bn in the previous year, while retention level exceeded 72%."
He also added, "Despite the expansion we are undergoing in markets in Asia and Africa, KSA remains the core market for Saudi Re. We have invested heavily in developing our technical capabilities to offer first class services to our clients, and pursuing our business strategy, Saudi Re is to provide Lead terms for January 2013 renewals in proportional, non-proportional and Life reinsurance treaties."
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / 4C. AME Info FZ LLC / 4C is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.