The Saudi Insurance Symposium aims to be transformative

Saudi Arabia – The 6th Saudi Insurance Symposium will be a transformative, game-changing engagement that lays the groundwork for new and lasting opportunities.

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

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

It will be held at the Four Seasons Hotel in Riyadh and will focus on the theme of Growth and Evolution.

The largest insurance conference

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

This year’s event will address a wide range of issues covering topics and issues such as “Economic Growth and Development in the Insurance Industry”, “InsurTech and Value Added”, “The Development of the KSA Reinsurance Market”, “The Future of Health Insurance” and “The future of protection and savings insurance”.

Issues related to the role of support services companies will also be discussed during the two-day event, in addition to the impact of compulsory insurance on the future of the Saudi economy.

Importance of the insurance sector

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 realizing the Kingdom’s potential and is largely in line with recent economic reforms and developments that have transformed the national economy.

Adel Al-Eissa, Media Spokesperson for the Saudi Insurance Industry, said: “This event provides us with a unique opportunity and platform to explore how we – as a sector – can contribute to the Kingdom’s growth and progress. 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 insights and addressing our challenges. In particular, it allows us to show how we have worked together to overcome the obstacles presented by Covid-19, all while highlighting the technological progress we have made in recent months and years.”

Supporters of innovation

He continued: “In a very short period of time, we have distinguished ourselves as innovators, pioneering new, state-of-the-art offerings, for example with the digitization of insurance services and products. Today we realize that the most important challenge facing our sector concerns the younger generation of consumers; namely attracting millennials by creating insurance products that meet their needs.

“Another challenge is the small number of partnerships between insurance companies and emerging technology companies that are required 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 positioned to improve the insurance industry and support the Saudi economy. Again, this is an important issue that we are keen to discuss.”

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