The Saudi Insurance Authority (SIA) has entered a strategic partnership with Bayes Business School to develop the next generation of leaders in Saudi Arabia’s insurance sector. Under the agreement, multiple employees and industry practitioners will enrol in Bayes’ postgraduate programs, including the MSc in Insurance and Risk Management, MSc in Actuarial Science, and MSc in Actuarial Management.
This partnership, effective for at least three academic years beginning this September, aims to enhance business insurance knowledge and expertise among Saudi professionals, strengthening the kingdom’s insurance industry amid rapid growth.
Dr. Cormac Bryce, Director of the MSc in Insurance and Risk Management and the Lord Mayor’s Research Fellow, emphasized the value of Bayes’ interdisciplinary approach. “Our position at the intersection of insurance and actuarial professions creates unique opportunities. We are proud to support the Saudi Insurance Authority and contribute to advancing the insurance and actuarial science sectors in Saudi Arabia,” he said.
The collaboration was announced during a recent summit for chief risk officers, hosted by Alderman Alastair King, Lord Mayor of London and City St George’s Rector. Highlighting the global significance of the partnership, the Lord Mayor stated, “As a leading global centre for insurance, reinsurance, and risk management, strengthening UK ties with key markets like Saudi Arabia is crucial to maintaining our leadership. Partnerships like this foster resilient, future-ready financial systems.”
Professor Ioannis Kyriakou, Director of the actuarial science MSc programs at Bayes, added, “Our diverse postgraduate community offers Saudi students a rich environment for cultural and academic exchange. They will learn from expert actuaries and specialists with strong commercial and research backgrounds.”
His Excellency Eng. Naji Al-Tamimi, CEO of the Saudi Insurance Authority, expressed strong support for the initiative: “Collaborating with a prestigious institution such as Bayes underscores our commitment to world-class education, directly supporting the transformation and growth of Saudi Arabia’s insurance sector. This scholarship program empowers Saudi professionals with specialized knowledge and global experience to lead the industry forward.”
The announcement took place at the Mansion House, attended by both Eng. Al-Tamimi and Bayes Dean, Professor Andre Spicer. Dr. Bryce also shared insights from his ongoing research as the Lord Mayor’s City Research Fellow for 2024/25 during the summit.
This initiative represents a vital step in building talent pipelines and enhancing business insurance coverage expertise, positioning Saudi Arabia’s insurance market for sustainable growth and resilience.
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