The University of Liverpool's Institute for Financial and Actuarial Mathematics (IFAM) recently hosted the "Fair Insurance Pricing Workshop," focusing on the equitable pricing of auto car insurance for women in the Kingdom of Saudi Arabia.
This workshop comes in response to the historic decree by King Salman on June 24, 2018, allowing women to drive legally in Saudi Arabia, increasing the demand for insurance products tailored to this previously underserved demographic. Held on Friday 14th June 2024, the event addressed the challenges of fair insurance pricing in Saudi Arabia's evolving market, particularly for newly licensed female drivers.
The workshop gathered academics and practitioners from Saudi Arabia and globally to discuss mathematical models, pricing strategies, and regulatory frameworks aimed at ensuring fairness and transparency in insurance.
Presentations addressed some crucial aspects of equitable auto insurance pricing for women in Saudi Arabia. These included Ashwaq Al-zahrani’s insights on the Saudi motor insurance market, emphasizing strategies for maintaining fairness and sustainability.
Mohammed Al Gadhi, CEO of ACIG - Allied Cooperative Insurance Group, provided valuable perspectives on pricing insurance specifically for female drivers based on Saudi Arabia's unique experience.
Asrar Alyafie, a PhD student from IFAM, focused on enhancing fairness in bonus-malus systems tailored to the Saudi Arabian auto insurance market.
Additionally, Dalal Alghanem, Assistant Professor at King Saud University (KSU), examined risk processes with tax implications.
Further presentations covered topics such as cyber risk ratemaking using covariates (Alfredo D. Egídio dos Reis), climate change's impact on insurance sustainability (José Luis Vilar Zanón), and developments from the Institute and Faculty of Actuaries (IFoA) (Irene Serewicz Redman).
More information on all of the speakers and their talks can be found here.
This event overall provided a platform for meaningful dialogue and collaboration among stakeholders committed to advancing equitable insurance practices in Saudi Arabia. As the Kingdom continues to navigate the evolving landscape of gender equality in driving, initiatives like these are pivotal in shaping a fair and sustainable insurance market.
For more information on the workshop, including session summaries and participant insights, visit the event website.