A delegation comprising a number of CMA employees had recently visited the Saudi Arabian Monetary Agency to acquaint with the experience of the Saudi insurance market and its regulatory and supervisory methods as part of the joint cooperation between the Capital Market Authority and Saudi Arabian Monetary Agency to learn about the challenges facing the insurance sector and ways of addressing such challenges.
The delegation comprised Mohammed Khalfan Al Mahrouqi, Qais Said Al Suhi and Hamed Saif Al Siyabi from the Directorate General of Insurance Supervision.
It is noteworthy that the insurance sector in GCC market in similar and faces the same challenges such as lack of insurance awareness, poor finances of insurance companies and poor retention ratios in the domestic market due to reinsurance with foreign market. Also adopting coherent accounting standards and best international practices allow the regulators to cooperate in expertise exchange for best interest of mutual GCC work.
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