JEDDAH: An event on insurance protection and sustainability will be held at Riyadh’s King Fahd Cultural Center in March. The Saudi Insurance Symposium (SIS) will be held under the patronage of Ahmed Abdulkarim Al-Kholifey, governor of the Saudi Arabian Monetary Authority (SAMA). The two-day symposium has been organized by the country’s General Committee of Insurance Companies. More than 1,000 specialists and insurance executives, as well as top administrators and executives from local and international organizations, are expected to attend the event. The SIS is the largest gathering of Saudi insurance companies and the wider Gulf region. Held on a biennial basis, the event aims to promote the role played by the insurance sector in economic development and offer solutions to pressing challenges facing the industry. This year’s event includes discussions related to critical issues, such as the impact of foreign insurance companies entering the market and the role played by insurance companies in supporting small- and medium-sized enterprises, as well as how insurance can foster a savings culture. The symposium will also build on the positive impact economic reforms have had on the sector in the Kingdom. Officials from leading local and regional insurance and reinsurance companies will discuss how the sector contributes to local economic development in light of the many new policies and regulations issued by SAMA over the last two years. “The symposium comes at a time in which there is strong public awareness of the importance of the role played by the Saudi insurance sector with regards to the economic transformation the Kingdom is currently undergoing,” said Adel Al-Eisa, chairman of the Media and Awareness Committee and media spokesman for Saudi insurance companies. Al-Eisa said the sector boasts promising growth opportunities that will come to fruition with more concerted efforts and increased public-private partnerships. For example, there have been notable improvements in the sector thanks to private sector contribution to the Saudi economy, a rise in awareness of insurance services and implementation of the policies and regulations issued by SAMA. “We are confident that the symposium will feature plenty of dynamic discussions that will further enrich the experience of the insurance industry, which is a cornerstone of any successful, sophisticated economy, and we look forward to the sector’s continuing success,” Al-Eisa said.