The Financial Sector Conference, to be held on April 24 and 25 at the King Abdulaziz International Conference Center in Riyadh, will discuss promising opportunities in the insurance market, which are attractive elements for foreign investment, in addition to developing insurance products to become more specialized, through a discussion session entitled “Upgrading insurance products from During technical innovations ».
The discussion session aims to shed light on the challenges facing the insurance sector, including the need to develop the expertise of workers in the sector, to keep pace with technical developments in the sector, in addition to the importance of promoting the concept of innovation, especially with regard to creating new products that contribute to meeting the updated needs of customers, ratios Emiratisation in the sector that does not exceed 69%.
The session will discuss ways to enhance competition with local insurance companies in front of their foreign counterparts, which will be reflected in the level of quality of insurance services and products, and to attract the largest possible segment of customers, in addition to the expected mergers that the insurance market may witness in the Kingdom during the next stage, which would contribute to the establishment of entities Strong economic in the Saudi market, in addition to combining different insurance competencies, which leads to the provision of broader services and high quality.
The Saudi insurance sector is awaiting the start of the entry of foreign insurance companies activity into the local market, following the decision of the Saudi Arabian Monetary Agency (SAMA) to allow international insurance companies to carry out their investment activities and call for attracting foreign investments in the insurance sector.
The insurance sector represents one of the most important development sectors targeted by (Vision 2030), as a supportive sector for economic growth, and the entry of foreign companies at this stage will contribute to the development of local activity, address the challenges currently facing the sector and push towards adopting modern technologies, and promote innovation in insurance products In order to launch more products that deepen the insurance market and serve the national economy.