Saudi Insurance Symposium aims to be transformative


The sixth Saudi Insurance Symposium will be a transformative one, a game-changing engagement that lays the groundwork for the creation of 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 take place from September 28 to 29, 2022, the Saudi General Insurance Committee has announced.

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

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

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 played by the insurance sector in the national economy and provide a timely opportunity for industry leaders to review developments in the sector as well as provide solutions to its most pressing challenges.

This year, the event will tackle a broad range of issues, addressing subjects and matters such as “Economic Growth 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 Protection & Savings Insurance’.

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

Importance of the insurance sector

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

Adel Al-Eisa, Media Spokesman for the Saudi Insurance Industry, said: “This event provides us 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 map out a route to a brighter future by highlighting our experiences, detailing our insights and addressing our challenges. Notably, it allows us to showcase how we worked together to overcome the hurdles presented by Covid-19, all the while spotlighting the technological advances we have made in recent months and years.”

Proponents of innovation

He continued: “In a very short space of time, we have distinguished ourselves as proponents of innovation, pioneering new, state-of-the-art offerings, for example, with the digitisation of insurance services and products. Today, we recognise that the most important challenge our sector faces concerns the younger generation of consumers; namely, attracting millennials by creating insurance products that suit their needs.

“Another challenge is the small number of partnerships between insurance companies and emerging technology companies that are required to lead the insurance product market through innovation. The symposium will provide a conducive environment for us to address these matters in a constructive manner.”

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