A major insurance summit ended recently in Riyadh after four days of panel discussions and exploration of emerging trends, the effect of the global financial crisis and analysis of the fastest-growing insurance market in the GCC region.

Organised by the Institute of International Research (IIR), the leading international provider of specialist information and services, the third Saudi Insurance Summit took place from May 17 to 20 at the Riyadh Marriott Hotel.

Delegates came away from the summit informed of the challenges and opportunities facing the Saudi insurance market, with the benefit of expert knowledge gleaned from eminent speakers.

The figures confirmed the potential of the insurance market in the most-populated country in the GCC, as well as highlighting how the sector is becoming more competitive.

Following the opening speech, delegates were able to attend and participate in panel discussions given by leading experts in the Saudi insurance sector.

The discussions went on to explore the status of the insurance market in general, and the challenges and the opportunities in detail, especially those presented by increasing levels of competition and regulation.

Speakers included Prakash Abraham, business advisory manager, Oracle, who examined the global insurance industry and the trends within it, including changing business models and working methods, increasingly tough regulations and rising consumer power.

“These findings help to provide a guide for insurance companies who wish to remain at the forefront of the sector,” said Abraham.

“The challenges in being able to provide a delivery platform for Next Generation Insurance are far outweighed by the benefits of being better-placed to capitalise on the potential of the Saudi Arabia insurance market.”

The five interactive panel discussions encouraged a frank and open exchange between members of the panel, allowing delegates to benefit from invaluable insights and the featured speakers' expertise.

The panel discussions covered topics such as the effects of the global financial crisis on the worldwide insurance market, how the formation of a competitive Saudi insurance industry is being affected by current economic conditions, corporate risk and internal insurance management, what the health is of the Saudi health insurance market and a review of the regional and local reinsurance and Takaful landscape amid a changing environment. – TradeArabia News Service