41% of Saudi insurers should improve risk management
Wednesday, 10 07 2015, Category: Insurance and Reinsurance, Country: Saudi Arabia
A report confirmed that 41% of Saudi and Emirati insurance companies should necessarily improve their risk management capabilities. The report prepared by Ernst & Young under the title “The MENA Insurance Enterprise Risk Management (ERM) survey” indicated the increased importance of risk management and the necessity of adopting it and integrating it in the fields of action of these companies in light of improved regulations of the sectors.
Mr. Sanjay Jain, Director, MENA Insurance Advisory Services commented the report saying “The insurance market continues its growth in the Middle East and North Africa given the increasing spending on infrastructure by the government and the huge development projects in addition to the compulsory insurance of vehicles and compulsory health insurance.
The regulatory environment witnessed great changes brought about by legislative changes in KSA, Qatar and UAE.
Source: Makkah Newspaper