Adel Al-Eisa, Chairman of the Committee for Information and Awareness of Insurance and Media Spokesperson for the sector, revealed that one of the most important challenges facing the insurance sector in the Kingdom is the decline in its contribution to GDP, which recorded 1.42% in 2017.
Al-Eisa stressed in his speech to Al-Riyadh that raising its contribution to GDP is linked primarily to the development of the insurance sector and to raising the competitiveness of insurance companies by spreading awareness of the importance of insurance and diversification in products and focusing on small and medium enterprises. A culture of planning and hedging, in light of the growing growth of the business sector and the population, which will enhance the capacities of the local reinsurance sector and support it to reach regional and international markets, with the aim of adding value to the national economy.
In addition to the challenges related to increasing the interest in training and qualifying citizens to fill the technical and leadership positions in the insurance sector and the development of educational and training programs to address the problem of occupational exposure through the development of infrastructure, operational and technical for the insurance sector and investment in the human element and the use of technology to improve the services provided to customers.
"The Saudi insurance seminar, which is due to start at the end of next March, will be held at the end of next March," said Al Issa. "The conference will enrich the experience of Saudi Arabia's promising insurance sector with opportunities and opportunities to keep pace with the national transition plan. The experts and interested parties are looking at this seminar as a platform for enriching dialogue and offering solutions to address the challenges facing the sector and an opportunity to strengthen the partnership between the public and private sectors to support the national insurance process and increase its contribution to GDP.
He added: The Saudi insurance symposium, which is sponsored by Dr. Ahmed Abd Al-Kareem Al-Khulaifi, Governor of the Saudi Arabian Monetary Agency (SAMA), is the largest forum for companies operating in the Saudi insurance sector and one of the largest insurance forums in the Arab world. This year's organization is in line with the vision of the Kingdom 2030 and its subsequent economic reforms and measures will be positively reflected on the insurance sector. , Which will be attended by officials from the major insurance companies and reinsurance local, regional and international to discuss the economic role of the insurance sector in pushing the march of economic development, in conjunction with the issuance of several new regulations and regulations for the Study of the Saudi Arabian Monetary during the last period.
Al-Eisa pointed out that the seminar is organized every two years to stimulate the economic role of the insurance sector in advancing economic development and providing solutions to the most important challenges facing the sector. Which is expected to create opportunities for the sector to grow and expand, through concerted efforts and upgrading the level of companies between the government and private sector, especially as the sector is witnessing a remarkable improvement in terms of enhancing the contribution of the private sector to a larger proportion of the economy Saudi Arabia, raising awareness of insurance services and how to implement the decisions of the Saudi Arabian Monetary Agency. We are confident that the seminar will include discussions that will enrich the experience of the insurance sector, which is full of potentials and opportunities.
Al-Eisa explained that the agenda of the symposium will discuss several vital issues in the insurance sector such as securing the future of health insurance and the impact of the entry of branches of foreign insurance companies to the market. The seminar will also discuss issues related to the role of insurance companies in supporting small and medium enterprises, digital transformation in the insurance sector, Such as the role of insurance in protection and savings. He added: "We believe that these meetings and specialized seminars are a platform of quality education and is able through serious discussions to find a number of active recommendations, which enable the development of the sector, and in view of the recommendations of the symposium in its fourth version, it was able through constructive dialogue between those interested in the insurance sector, A series of realistic solutions, including the challenges of technical transformation of insurance companies, the need to develop the technical infrastructure to provide more quality and competitive services, in addition to recommendations related to work to increase the contribution of insurance in the GDP of the Kingdom. To activate compulsory insurance and seek to increase the percentage of insured vehicles to the total vehicles in the Kingdom through the development of mandatory insurance mechanism in cooperation with the relevant government agencies, and other important recommendations.
"These meetings play an important role in demonstrating the growth and diversity of companies in the market, including health insurance, vehicle insurance, property insurance, protection and savings, which have made the sector enjoy specialization and inclusiveness," he said. Through the provision of a variety of services according to the needs of the market, which is conducive to enhancing the level of partnership between the two sectors, and also between the various insurance sectors and their beneficiaries, and in the same context, these companies have an important consultative role in supporting the development of legislation and consultations governing the sector, Asha on the satisfaction of the beneficiaries of the insurance sector, I can not fail here to pay tribute to the outstanding role played by the regulatory authorities in the Saudi market, such as the Saudi Arabian Monetary Agency and the Cooperative Health Insurance Council in the development of legislation that had a role in improving the quality of services provided by the insurance sector that level. »
On the same level, Al-Eisa pointed out that the Committee for Insurance Information and Awareness was established by the Executive Committee of Insurance Companies under the supervision of the Saudi Arabian Monetary Agency (SAMA), to be one of the links between the insurance sector, legislators, regulators, community members and the media. All sectors of society through the media and social networking platforms, to achieve greater clarity and transparency, and to preserve the rights of policyholders and beneficiaries of insurance coverage.