25/05/2017
In a workshop in Asharqia Chamber.
Hisham
Tashkandi, Director General of the Insurance Supervision Department of the Saudi
Arabian Monetary Agency, said that the institution seeks to improve the
insurance sector to raise its contribution in the national economy, both for the
investment and providing job opportunities for the qualified Saudi youth.
Tashkendi
said in a workshop titled "Insurance Systems" that was held on Thursday 25 May 2017 in
Asharqia Chamber about the readiness of the institution to respond to all suggestions
and complaints and observations in this regard, believing that the availability
of many fields of work in the sector of the added value to the national
economy.
In the workshop, which was headed by the head of the insurance committee in the
Chamber Salah bin Muhammed Al Jaber, said that the institution, that is
concerned with this industry, is closely spotting the subject of Saudization,
to the extent that any activity in this sector can be settled no doubt in that,
pointing that the claims of vehicles demands, customer service and complaints are
100% in some companies, stressing the keenness of the institution to settle the
upper and technical leading positions, which provide citizens with a good finance.
Tashkendi
pointed that the institution in its activity to improve the industry began to
focus on precautionary supervision, because if we want to the insurance process
to go on then the companies providing this service must be able to fulfil their
obligations, so we have new companies that are capable of that, and then we
have been through the stage as
we have put new controls to continue the achievement. The institution has about
58 development initiatives, some of which are easy to accomplish in a matter of
months, and some require more time.
As
for the insurance market currently, he said that the Saudi insurance market is
based on four types of activities (vehicles, health, public, protection and
savings). What we see is that the first two types take the largest share of the
insurance market because there is a condition of (what
is similar to retirement and social insurance) that is more than 3% of the
market, while in some countries it is 50%, and general insurance, such as: (
life and home insurance) is very low, our
big companies do not insure their factories and establishments at the local insurance
companies because
they do not have the ability to meet the requirements, heading to foreign
insurance companies, so we have a long way in the development of this industry.
Tashkendi
said that the demand for vehicles insurance comes because of the obligation,
and there are notes that contributed to distorting the picture of vehicle
insurance, who accepts the insurance out of the obligation looking for the
cheapest and not the best, while we hope that people accept insurance because
of the need for this service
to ensure the psychological and physical stability, and those who accept the
process are (one in two) and most of them believe (against others and not total
insurance), which means that the cost of accidents are on the insured, while
the other pays nothing, so the
non committed and the committed equality is not fair, saying that there are companies
that recorded losses in the insurance sector of cars, but some of them did not
achieve any profit, but only achieved a break point, stressing the
Corporation's keenness to stop the incidents of accidents in the insurance
market vehicles that cause serious losses on companies, He
stressed that the institution is keen to stop the fully intended accidents and does
not want to standardize the prices but to achieve competition between companies
to provide the best for customers, but we hope that the prices will be
acceptable, and this will only be achieved if the increase in the demand for
insurance is of all kinds .
At
the end, the Chairman of the Insurance Committee in Asharqia Chamber Salah Al Jaber
honored the guest with a memorial shield.
