Real estate related news and reports from the leading English language Saudi newspaper
Saudi Re conducts workshop on commercial property underwriting
Jun 28, 2012
As part of its efforts to share best practice with its clients, Saudi Re has organized a training workshop on commercial property underwriting. The two-day event, held in Riyadh last week, was attended by an audience of insurance professionals representing 20 companies in the Saudi insurance industry. The training workshop focused on the technical aspects of property underwriting covering the different types of construction and their characteristics, common occupancy hazards, fire protection systems, fire and natural catastrophe exposures, and evaluating the risk of burglary and theft.
Fahad Al-Hesni, MD-CEO of Saudi Re, said: "Property insurance line approximately generates premiums of SR 1 billion representing 6 percent of the overall insurance market in Saudi Arabia. Thus, Saudi Re conducts these training programs to strengthen the technical knowledge of property line of business, which has a great growth potential especially in the light of the economic and infrastructure developments we are experiencing in the Kingdom." He added: "This workshop comes as part of a series of training events covering a spectrum of topics, which Saudi Re hosts for its clients of insurance companies across different markets."
Saudi Re is the first reinsurance company in Saudi Arabia and enjoys a rating of BBB+ by S&P. It currently serves clients in more than 20 countries in the Middle East, Africa and Asia and is considered the highest capitalized reinsurer in the Middle East with a paid-up capital of SR 1 billion.