LONG MARCH AHEAD
A public shareholding company engaged in the provision of insurance and reinsurance products, UCA is helping the insurance sector overcome the ghosts of the past and present.

BIOGRAPHY
An experienced leader in the financial sector, Mohammed Basrawi is the CEO of UCA, where he is in charge of restructuring operations and driving innovation. Before joining UCA, he spent over 10 years with Allianz Saudi Fransi Cooperative Insurance Company, where he started his journey as a Corporate Sales Manager in March 2008 and become Deputy CEO in August 2012. He holds a master’s degree in construction management and engineering and a bachelor’s of science degree in civil engineering from the University of Ohio.What do the changes to regulations in the Saudi insurance industry mean for the overall sector?
The government promotes the insurance industry to keep the financial sector in general and the insurance sector in particular healthy and ensure sustainable, profitable conditions. These strategic efforts, driven by Vision 2030, aim to increase the sector's overall contribution to GDP. Government regulators are laying down proper operating conditions and infrastructure for insurance companies while promoting customer-centric principles that bring sustainable protection for citizens. As insurance companies, we must encourage more product diversification and awareness in support of the same purpose. The regulator wants to see increased levels of customer satisfaction and efficient settlement of claims as these will contribute to boosting confidence in the sector.
Is the sector bound to witness more mergers and acquisitions or is it a premature trend given the low penetration?
"Horizontal mergers" help newly constituted firms increase their economies of scale, thus better positioning the organization's ability to cover insurance risks. These merged insurance entities will have a larger combined portfolio with increased capabilities to handle and sustain varied products, and their market share will increase as a result. Hence, mergers will serve the economic goals that both regulators and the government hope to achieve.
How has UCA's risk appetite evolved in the last few years, and how does this evolution reflect the trends in the local insurance market?
Supported by the government's regulations and the enactment of compulsory medical and motor insurance, the market has expanded exponentially. According to the regulator, the measures implemented to date have resulted in excellent growth rates. The sector's volume has increased from SAR5 billion to around SAR36 billion, and the number of people employed in the insurance sector has increased from 5,000 to 11,000. Moreover, the nation's promising macroeconomic environment has helped enhance the maturity and technical capabilities of participating firms. UCA's risk appetite has further evolved to better insure risks with higher capacity due to its demonstrated lengthy experience in engineering and motor TPL products, as well as its extensive partnership with expert reinsurers in the last 40 years.
To what extent is Saudi Arabia a price-driven market, and what is the key to increasing the insurance penetration rate?
The Saudi insurance sector is price driven at this stage. Unfortunately, there is a knock-on effect in response to insurance products being defined as compulsory. In such a situation, insurance companies tend to pay less attention to awareness and marketing as well as diversifying and differentiating their products and services from those offered by their competitors. Consequently, consumers start focusing on price as a key differentiator. However, clients today now place greater value on service delivery as awareness levels increase. Insurance companies have a great responsibility to diversify and differentiate their products by re-thinking their marketing activities.
To what extent can Vision 2030 support the growth of relatively subdued insurance lines?
Vision 2030's ambitious goals are promising for the insurance industry, as they aim to stimulate investment in previously nonexistent new sectors, entertainment being a prime example. The challenge is for insurance companies to embark on a transformation program to promote agility in innovation. A key focus is digital transformation, which is no longer an option. Insurance companies must be able to respond faster and stay ahead of the curve by developing and marketing products that appeal to consumers in this nascent market.

TABLE OF CONTENTS
Interview
Mohammed A. Al-Mowkley , Deputy Minister of Water Services, Ministry of Environment, Water, and Agriculture & CEO, National Water Company (NWC)
NWC leads the Kingdom's efforts to preserve water as a non-renewable national resource and drastically reduce the average per capita water consumption.
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Majed H. Al Saadi , Managing Director, Priority Projects Office (PPO), Local Content and Government Procurement Authority
PPO and ECA act as an accelerator for the realization of Vision 2030 by bridging the gap between the private and public sectors and helping the government diversify the economy in the long run.
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HRH Princess Hala bint Khaled bin Sultan Al-Saud C, Chairman, Saudi Law Conference (SLC) organizing committee & Founder,, Burhan Almarifa
Burhan Almarifa is focused on maturing the legal sector, encouraging innovation, and enabling research and development in KSA through knowledge transfer and consultancy.
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Sahel N. Abduljauwad, Rector, King Fahd University oF Petroleum & Minerals (KFUPM)
The King Fahd University of Petroleum & Minerals has long been the backbone of Saudi Arabia's formidable drilling expertise. Today, it is working to train the next generation of renewable energy and water management scientists.
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Dr. Abdullah Al-Rubaish, Rector, Imam Abdulrahman bin Faisal University (IAU)
Dr. Abdullah Al-Rubaish was appointed vice president of KFU in 2007 and president in 2010. He combined his executive experience from serving in various deanships at KFU with academic practices to become associate professor of medicine and work as a medical consultant at the Department of Internal Medicine. He graduated from KFU's College of Medicine and completed his medical internship at KFHU, where he also pursued a fellowship program. He became a member of the UK Royal College of Physicians and the Arab Board after he completed his sub-subspecialty in Pulmonary Medicine at the University of Alberta, Canada.
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Rajaa Moumena, Founder & President, Future Institute of Higher Education and Training
Saudi Arabia is allowing women more privileges, including driving and becoming ambassadors. The Future Institute of Higher Education and Training is trying to help by providing courses they need to adapt to this new world.
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