Opening “Underwriting and Risk Engineering” Seminar in its Third Cycle

Opening “Underwriting and Risk Engineering” Seminar in its Third Cycle

  • 06-Nov-2017

    Opening “Underwriting and Risk Engineering” Seminar in its Third Cycle

    H.E. Vice Governor of SAMA, Mr. Abdulaziz Al-Furaih, opened on Monday, Safar 17th, 1439H, corresponding to November 6th, 2017, the third seminar on “Underwriting and Risk Engineering”,

    organized by Swiss Reinsurance Company (Swiss Re), in collaboration and coordination with IOF and the Insurance Executive Committee for Saudi Insurance Companies.

    His excellency indicated, in his opening speech, that the development of employees’ knowledge and their professional criteria in the sector in a way that serves the Saudi economy and contributes to its development and growth is the center of SAMA’s attention. In particular, the rapid positive changes, which go hand in hand with hard work exerted by all economic sectors in Saudi Arabia to achieve the Saudi Vision 2030, require all economic sectors to be fully prepared to cope with updating and modernization efforts and to adopt the international best practices in all fields. One of those practices or the most important of which is the adoption of the necessary engineering criteria whether when underwriting risks or when examining and assessing them for offering the necessary insurance coverage, especially for large and modern projects that are expected to be established in Saudi Arabia in the near future.

    He also added, “Your role in the insurance sector, according to modern concepts, is not only the appraisal of the appropriate insurance premium for the risk offered to you, but it also includes providing advice, guidance, and expertise for insurance seekers including holders of industrial or commercial institutions in the designing and building stage or during operation. This significant role will undoubtedly contribute to stopping the drain of economic resources and assist in the provision and management of resources, as well as magnifying their uses.”

    In addition, he highly appreciated the valuable contribution of the General Directorate of Civil Defense (GDCD) to the seminar. GDCD presented practical experiences and lessons learnt from them, adding a great practical value to its participation. Further, his excellency commended the positive cooperation and participation of GDCD in the development of professional and technical criteria for employees in the insurance sector.

    He concluded his speech by lauding the remarkable increase of the number of Saudi insurance specialists in some technical professions in the insurance sector. This increase is the result of efforts exerted by IOF and the Insurance Committee, in cooperation with major and specialized global companies that are contributing effectively to increasingly Saudizing technical and leadership positions in the insurance sector, coming in line with SAMA’s efforts in this regard.

    It is worth mentioning that the “Underwriting and Risk Engineering” seminar lasts for four days. The seminar is attended by a number of specialists in the insurance sector. During the seminar, a technical workshop, which includes practical on-site visits, will be held.