The inaction of the new Law and legislation will alter the dynamics of the Saudi insurance industry, forcing a shakeout followed by consolidation in the market. It will also create huge demand for insurance services, resulting in the creation of new business opportunities and jobs, and in adding value to the Saudi economy.
BMG Financial Advisors, in cooperation with the Saudi Arabian Monetary Agency recently organized the First Saudi Insurance Forum, to help explain and discuss the new insurance rules and regulations, with the participation of 400 local and international industry experts,as well as SAMA's insurance team.
The forum was held on the 8th and 9th of June at the Hilton Hotel in Jeddah. The event highlighted a milestone in the history of the Saudi Insurance Industry and marked the start of "A New Era".