Finally the long awaited 3rd Insurance Summit, 17-20 May 2009 is set to begin at the Riyadh Marriott Hotel, Riyadh today. The summit is being held amidst the growing global recession crisis.
The opening address will be given by the dynamic HE Mohammed Al Jasser, Governor of SAMA. It will be followed by the panel discussions and presentations by various leading personalities of the Insurance Industry.
In Saudi Arabia the Insurance Industry is going through a phase of regulation. The government had made the Medical and Motor insurance as Mandatory. The regulation scenario has brought about a new type of competition. Insurance Industry in Saudi Arabia is still grappling with the lack of well qualified and professional staff.
The hunger for business has fuelled the insurance companies to go all out for any kind of business without looking into the consequence. The Risk Management, main domain of Insurance Industry has taken a back-seat.
During the first two days of the summit, the focus will be on many issues including the state of Saudi Insurance Industry, co-operative Health Insurance, effect of Global financial crisis, Bancassurance and Risk Management. Another new element which is being seriously looked into is the Takaful Insurance, a concept which is being adapted throughout the world. The speakers are drawn from Saudi Arabia, Middle East and Europe.
Dr. Saleh J. Malaikah, Chairman, SALAMA had said, "With enormous untapped potential, the insurance market in Saudi Arabia continues to flourish and is poised for impressive growth in the coming years. Recent studies have shown that the KSA market for Sharia-compliment insurance will be worth US$4 billion in 2010, and forecast that the Islamic insurance (Takaful) market will grow five-fold over the next 10 years. The Third Saudi Insurance Summit will provide timely opportunity for reflection, discussion and decision-making -- helping all attending to take the insurance market forward in challenging but opportunity-filled times."
Mr. Mohammed Sadullah Khan, an Insurance Expert and the Faculty Member at The Institute of Banking, was upbeat about the summit and opined that this will provide an ample opportunity for the Insurance Industry in Saudi Arabia. This will also serve as a platform for networking and help the Insurance Industry to move forward and make them look at the challenges with a 360 degree vision. In the current scenario the Insurance Industry is facing a shortage of qualified Manpower. Saudization will help the Industry if a proper training program is put in place. Insurance is not like trading, it is highly technical Industry. Without understanding the intricacies of Insurance, it will not be possible to run a mutually beneficial organization.
Shujaath Ahmed Khan, is a freelance writer and can be contacted at shujaathahmed@yahoo.co.in.
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