Insurance Principles and Practices

Insurance is an important part of present day economy. But not all the economies have been benefiting from insurance, Saudi Arabia is one such country where the insurance was not very popular. It was only recently insurance formally became part of Saudi Arabian economy. In 2004 the Saudi Arabian Monetary Agency (SAMA) was assigned with the responsibility of managing the affairs of insurance industry in Saudi Arabia. Since then the insurance industry has been growing by leaps and bounds. More than 30 companies, multinationals and national have been approved for conducting the insurance business. Besides, a large number of companies have entered the market as brokers, insurance agencies etc. In this book various aspects of the insurance have been presented in reference to Saudi Arabia. There are in all 6 chapters followed by glossary and appendices. The six chapters are Introduction to insurance, Types of insurance, Concept of reinsurance, Insurance companies and insurance agency operations, Concept of Takaful and finally Insurance industry in Saudi Arabia.