More than 1,000 insurance specialists and a selection of local and international executives are expected to take part in the upcoming Saudi Insurance Symposium in Riyadh, Saudi Arabia.

Under the patronage of Dr Ahmed Abdulkarim Al Kholifey, Governor of the Saudi Arabian Monetary Authority (SAMA), the Insurance General Committee will organise the event at King Fahd Cultural Center on April 30 and May 1.

The symposium is the largest gathering for insurance companies operating in Saudi Arabia and across the Gulf Cooperation Council. Held on biennial basis, the symposium is designed to encourage the economic role played by insurance sector in promoting economic development and offer solutions to the top challenges facing the sector.

This year, the symposium is held after the issuance of the “Saudi Vision 2030” and the following economic reforms and actions that would have positive impact on insurance sector, and will be attended by officials from major local, regional and international insurance and reinsurance companies, to discuss the economic role of insurance sector in advancing Saudi economic development.

Basem Odeh, chairman of the Insurance Executive Committee, said: “The agenda of this event will include important talking points related to the opportunities and challenges facing the insurance sector according to Saudi Vision 2030.”

“The symposium seeks to provide solutions to the most significant challenges facing the insurance sector in Saudi Arabia, develop clear plans to address these challenges and a new vision for insurance future and impacts on the overall economic activity.”

Odeh commented on the performance of the insurance sector and said: “The insurance sector achieved positive results during last year, accounting for a growth of 157 per cent in consolidated profits for 34 companies in 2016 compared to 2015,” he stated. The gross underwritten premiums hit SR36.7 billion ($9.7 billion); 0.7 per cent up compared to 2015.

“The 4thSaudi Insurance Symposium is another entry in the successful track record of the insurance events in Saudi Arabia.” said Adel Al Eisa, the Media Spokesman for the insurance companies.

"With hosting more than 1,000 insurance specialists and a selection of local and international administrators and executives, this number of attendees will bring lots of discussion on the role of insurance sector within Saudi Vision 2030 as a central point in the Saudi National Transformation Program and for advancing economic development."

"The 4thSaudi Insurance Symposium is associated with a state of general awareness of the important role played by Saudi insurance sector in the economic transformation of the country, particularly through stimulating the private sector to make larger contributions to the Saudi economy and raising awareness of insurance services and how to apply SAMA regulations,” he added. – TradeArabia News Service