The Company for Cooperative Insurance (NCCI), the leading company in the thriving Saudi insurance market has agreed to support the 2nd Saudi Insurance Summit which takes place at the Jeddah Hilton Hotel on 28 – 31 October 2007. NCCI transacts cooperative insurance operations and all related activities including reinsurance and agency activities in motor, marine, fire, medical, engineering, energy, aviation, Takaful and casualty insurance proving an ideal partner for the summit.
Ali Al Subaihin, CEO of NCCI said, “Since inception, NCCI has been at the forefront of the Saudi insurance industry, pioneering industry-wide standards and establishing ground-breaking products. By supporting key industry events such as the 2nd Saudi Insurance Summit, NCCI aims to consolidate its market position as insurer of choice throughout the Kingdom.”
NCCI is already the leading insurance company in the Saudi insurance market, with a subscribed capital of SR 500 million and gross written premiums amounting to SAR 1,750 million in 2006. Operating through a network of more than 67 branches Kingdom-wide, its credentials are impeccable. In 2007 they were assigned an (A) credit rating by Standard & Poor’s (S&P) rating services and according to S&P NCCI is one of the top 200 insurance companies globally.
The Saudi insurance market has been gaining momentum due to a series of initiatives introduced by The Saudi Arabian Monetary Agency (SAMA) which endeavours to develop the insurance industry through market liberalisation. SAMA has approved the launch of 26 local and foreign insurance companies in the Kingdom, with a further ten applications currently under review.
Deep Marwaha, Conference Manager for the 2nd Saudi Insurance Summit, said, “Industry analysts firmly believe that new laws and newly licensed companies will provide a major boost to the industry, by curbing the activities of unlicensed companies. Potentially this new found confidence could double the size of the Saudi insurance market over the next five years.”
Last year’s Saudi Insurance Summit attracted over 300 insurance professionals and this year with the approval of the Governor of Jeddah, Prince Mishaal bin Majed bin Abdulaziz, organiser IIR Middle East is expecting a bumper turnout from the main regulators and key industry players within this burgeoning market. The summit will address all of the current issues and identify the essential developments through a series of thought provoking presentations and panel discussions, allowing participants ample opportunity to debate with high profile regional and international experts.
“In addition to the excellent resource of insurance experts, the 2nd Saudi Insurance Summit is also a unique opportunity to network with key decision makers from regulatory bodies, insurance companies, banks, advisories and corporations,” added Marwaha.
NCCI are Diamond Sponsors, and Medgulf are Platinum Sponsors for the 2nd Saudi Insurance Summit which takes place from 28 – 31 October 2007 in Jeddah, KSA.
