Investment Magazine – Exclusive
Ali Mohammed Al-Hadi, Chairman of the Board of the Chamber of Commerce and Industry in the Capital Secretariat of Sana’a, emphasized the need to increase the capital of insurance companies to boost their reserves for insured risks and expand their market share of retained risks within the companies.
During a meeting held on Sunday, January 5, 2025, at the chamber’s headquarters with Abdulwahab Al-Awadhy, General Manager of Trust Yemen Insurance and Reinsurance Company (a Yemeni joint-stock company) and member of the Board of Directors of the Yemeni Union for Insurance and Reinsurance, Al-Hadi stressed the importance of expediting efforts to enhance the role of Yemeni insurance companies. This is aimed at increasing their contribution to the local insurance market and strengthening their economic role in preserving national capital amidst the current circumstances.
The meeting, which was attended by Khaled Al-Buraihi, Advisor and Representative of Trust Holding Global in Yemen, discussed ways to develop the relationship between the chamber—representing the industrial, commercial, and service private sector—and insurance companies. The discussion also focused on reinforcing their integral and developmental role in supporting and safeguarding national capital under the prevailing challenges facing the country and its economy.
Al-Hadi underscored the urgent need for the insurance sector to actively contribute to preserving capital and distributing associated risks effectively.
The attendees agreed to organize training sessions and workshops aimed at raising insurance awareness among business sectors, helping safeguard their commercial, industrial, and service capital as is the norm in other regional countries. Additionally, the private sector was encouraged to swiftly adopt insurance practices and adhere to legal guidelines and procedures that ensure the protection of their assets against potential risks
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