Al-Jasser: work is underway to restructure and develop aviation infrastructure    Diriyah to host third IMFC Deputies meeting under Saudi chairmanship    15,135 decisions taken to penalize Saudis and expats for violations    Saudi-European Parliamentary Friendship Committee discusses cooperation during Strasbourg visit    Saudi stock market loses half a trillion riyals, with Aramco's losses amounting to SR340 billion Tariff turmoil rattles Gulf markets    KAU to host Digital Communication Conference in Jeddah from April 29 to May 1    TGA: Riyadh tops with 45% of 290 million orders delivered in 2024    Aja and Salma mountains draw nature lovers to Hail's rugged landscapes    US revokes all visas for South Sudanese nationals over deportation dispute    Death toll from Myanmar earthquake rises to 3,471    Macron to hold Gaza summit with Egypt and Jordan in Cairo    Benzema rescues Al Ittihad with stoppage-time equalizer in thrilling Jeddah Derby    Al Qadsiah and Al Ettifaq share spoils in tense Eastern Derby stalemate    Moussa Diaby praises Al Ittihad's resilience after Jeddah Derby draw "When you can't win, you take a point"    Saudi assistant referee Iman Al Madani joins AFC elite list for 2025    Riyadh Art Week launches with over 50 galleries showcasing global artistic dialogue    Turki Al-Sheikh announces five new Saudi film projects to be produced in Riyadh    Saudi Ministry of Education to showcase innovations at 2025 Geneva International Exhibition    Ed Sheeran weaves Persian music into new song, Azizam    Veteran Bollywood actor Manoj Kumar dies at 87    Screen time in bed linked to insomnia, study finds    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



New report analyzes Saudi insurance industry as digitization gains pace
Published in The Saudi Gazette on 09 - 09 - 2020

The impact of COVID-19 on the insurance sector in Saudi Arabia and the efforts of sector players to support the national response to the challenges of the pandemic are explored in a new COVID-19 Response Report (CRR) by Oxford Business Group (OBG), produced with Najm Insurance Services.
The CRR provides an in-depth analysis of Saudi Arabia's response to the coronavirus in an easy-to-navigate and accessible format, focusing on key data and infographics relating to the country's socio-economic landscape.
The report examines the Kingdom's robust macroeconomic position before the crisis, looking at how the combination of low public debt, a strong credit rating and high FX reserves enabled it to absorb the initial shock of the pandemic.
It also considers the positive impact that swiftly implemented containment measures had on curbing the spread of the virus, including the rapid rollout of testing procedures, which helped the country to record one of the lowest case-fatality rates in the G20.
Further decisive action from the Ministry of Finance and the Saudi Arabian Monetary Authority (SAMA), the Kingdom's central bank, played a major part in reducing fallout from COVID-19 on both the private sector and households.
The CRR provides details of the wide-ranging initiatives introduced, which include stimulus packages totaling SR120bn and a Loan Guarantee Program that enabled banks and insurance companies to relieve SMEs from finance costs associated with the Kafala program.
It also documents the additional steps taken by the insurance industry to support the Kingdom's fight against the pandemic, which included making a collaborative donation of SR67.7m.
With insurance penetration levels in the country still relatively low, OBG highlights the potential for expansion that the sector offers. It also analyzes the likely drivers of new industry growth, which range from Saudi Arabia's many mandatory insurance requirements to its growing population and the regional infrastructure pipeline.
License-holders will find a case study detailing the steps Najm Insurance Services took to accelerate its digital services as a way of easing the impact of the virus. There is also coverage of the disruptive role that fintech, and specifically insurtech, are expected to play in the industry going forward.
Andrew Jeffreys, OBG's CEO, said that while Saudi Arabia has had to contend with both COVID-19 and a decline in global oil prices in recent months, the country was well placed to rebound in 2021.
"Activity is already increasing across several sectors of the national economy, as our report shows, while consumer sentiment has remained largely positive, which bodes well for a swift recovery," he said.
"We expect momentum to increase in the coming months and the Kingdom to remain focused on its long-term aim of economic diversification, in line with the objectives laid out in Vision 2030."
Mohammad Al Suliman, CEO at Najm Insurance Services, added that the auto segment was well placed to rally, buoyed by strong sales last year and in the first three months of 2020.
"With digitization integral to the realization of Vision 2030, upgrading our digital services and preparing technology infrastructure and security systems have been our main focus in recent months," he said.
"This strategy not only aligns us with Saudi Arabia's digital transformation goals, but has also enabled us to continue meeting our customers' needs quickly and seamlessly, despite the challenges stemming from COVID-19."
The CRR forms part of a series of tailored reports, which OBG is currently producing with its partners, alongside other highly relevant, go-to research tools, including a range of country-specific COVID-19 Economic Impact Assessment articles and interviews. — SG


Clic here to read the story from its source.