It came during insurance and actuarial professions conference in KKU

Insurance institutions ask Gulf Countries to establish a fund for crisis and disaster management

After it was recently held in KKU, Released committee from (insurance institutions and actuarial professions in KSA) conference has recorded a number of important recommendations that related to profession benefit in general.

It has recommended to establish a fund for crisis and disaster management under the auspices of Gulf cooperation Council.

The committee also asked to establish insurance department for actuarial science in Saudi universities in order to prepare cadres that are specialized in this field.

In addition to that, the committee also asked the council to provide scholarships and training in insurance and actuarial science specialists by cooperating with experienced universities, institutes and international organizations to confront the high demand of specialists in professional and academic field.

Furthermore, these recommendations broached to hold more conferences, symposiums, scientific meetings, and workshops for studying actuarial insurance issues and providing the right practical and academic solutions and inviting insurance institutions to cooperate, support and show experiments.

Also these recommendations broached to the importance of spreading crises management culture in different institutions , and increasing the individual awareness about the importance of insurance and its goal to be right choice , not only for avoiding consequences of compulsory insurance.

These recommendation also included the importance of establishing crises management system inside insurance institutions to explore, measures, classified and analyzes risk in order to define the appropriate policy to confront the risk.

In addition, current KSA company system should include a place for mutual insurance companies to avoid the contradiction between companies system policy and brief disrupting in the supervision system of mutual insurance.