Saudi Arabia – Insurance should extend beyond coverage
Monday, 11 07 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Vice-Governor of the Saudi Arabian Monetary Agency Mr. Abdulaziz Al-Furaih confirmed that the agency has been fully aware about the importance of risk management since it was commissioned to supervise the insurance sector. Therefore, insurance should not limit its role to selling and marketing the different insurance coverages without examining and surveying the insured constructions professionally, frequently and scientifically in order to make sure the minimum risk management procedures are in place. This can help avoid a lot of accidents or decrease the impact of any accident.
The Vice-Governor inaugurated a seminar yesterday under the topic of “engineering and risk management” organized by Swiss Re with the participation and support of the committee of insurance general managers and the Institute of Finance. Mr. Al-Furaih welcomed local and foreign participants in the kingdom.
He said that the insurance sector is an important and vital economic sector not only in compensating claims and catastrophes but also in its preventive role by imposing risk management, raising professionalism and quality at constructions in order to prevent losses and catastrophes.
Source: Al Jazirah