The Saudi Insurance Symposium aims to be transformative

Saudi Arabia – The sixth Saudi Insurance Symposium will be a transformative, game-changing engagement that sets the stage for new and lasting opportunities.

Expected to attract more than 1,000 regional insurance experts, as well as a selection of local and international executives and managers, the symposium follows the success of five previous editions and will take place from 28 to 29 September 2022, the Saudi General Insurance Commission has announced .

It will be the largest gathering of Saudi, GCC and Middle East professionals, experts and insurance companies and will be held under the patronage of Dr. Fahd bin Abdullah Al-Mubarak, Governor of the Central Bank of Saudi Arabia.

It is to be hosted at the Four Seasons Hotel in Riyadh and will focus on the theme of ‘Development and Evolution’.

The largest insurance conference

The Saudi Insurance Symposium, established by the General Insurance Commission of Saudi Arabia in 2011, is one of the largest insurance conferences in the Middle East. The event was created to highlight the role the insurance sector plays in the national economy and provide a timely opportunity for industry leaders to review developments in the industry as well as provide solutions to its most pressing challenges.

This year, the event will deal with a wide range of topics, with topics such as ‘Economic Development and Developments in the Insurance Industry’, ‘InsurTech and Value Added’, ‘The Development of KSA Reinsurance Market’, ‘The Future of Health Insurance’ and ‘ The Future of Savings Protection & Insurance”.

During the two-day event, issues related to the role of support companies will also be discussed, in addition to the influence of compulsory insurance on the future of the Saudi economy.

Importance of the insurance industry

The launch of the sixth Saudi Insurance Symposium underscores the commitment of the Saudi insurance industry to achieve the kingdom’s Vision 2030 goals. It reiterates the importance of the insurance sector in fulfilling the kingdom’s potential and is largely aligned with recent economic reforms and developments that have transformed the national economy.

Adel Al-Eisa, Media Spokesperson for the Saudi Insurance Industry, said: “This event provides us with a unique opportunity and platform to explore how we — as an industry — can contribute to the development and progress of the kingdom. It brings some of the brightest minds and most ambitious entities together to chart a path to a brighter future by highlighting our experiences, detailing our knowledge and addressing our challenges.In particular, it allows us to show how we have worked together to overcome the obstacles that presents Covid-19, all while highlighting the technological advances we’ve made in recent months and years.”

Supporters of innovation

He continued: “In a very short time we have distinguished ourselves as advocates of innovation, pioneering new, state-of-the-art offerings, for example, with the digitization of insurance services and products. Today, we recognize that the biggest challenge facing our industry is the younger generation of consumers. That is, attracting millennials by creating insurance products that fit their needs.

“Another challenge is the small number of partnerships between insurance companies and emerging technology companies that are called to lead the insurance market through innovation. The symposium will provide an enabling environment to address these issues in a constructive manner.”

He added: “Similarly, we know that by bringing the private and public sectors together, we will be well placed to strengthen the insurance industry and strengthen the Saudi economy. Again, this is an important issue that we aim to discuss.”

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