Saudi Arabia – Technology helps insurance to grow
Thursday, 11 24 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
Ernst & Young revealed during a seminar organized in Jeddah by its insurance department in the Middle East and North Africa region that the insurance sector in the Kingdom is creating new growth opportunities due to the 2020 National Transformation Program. At the same time insurers have to find a balance in their business and meet profitability challenges.
Experts of Ernst & Young discussed the opportunities and challenges facing the insurance sector in light of the regulations that are being introduced. Mr. Ahmed Reda, the Jeddah Office Managing Partner at Ernst & Young said that the challenges of the new regulations will at the same time create true opportunities as companies will amend their financial practices in order to comply with international and local standards.