Calls made to establish an insurance culture in Yemen

National Yemen

Insurance company

The General Yemeni Association for Improving Public Works, in cooperation with the Yemeni Insurance Union, recently held a symposium entitled “The Role of Insurance in Development.” At the symposium, Ministry of Trade and Industry Undersecretary Iqbal Bahader stated that insurance has become a societal necessity for facing unexpected events.

Bahader also called for further such symposiums focused on insurance matter to be held so that clear steps to improve the use of insurance in various sectors could be discussed.

“Economic and industry development will only be achieved through cooperation between the government and insurance associations,” said Bahader.

In his speech, delivered on behalf of the Minister of Industry and Trade, Bahader said Yemen had a good opportunity to develop itself after national unity was achieved, but that the opportunity was never taken seriously.

For his part, Abdulqawee Radman, Chairman of the Yemeni Association for Jobs Improvement, said no country could improve as long as it failed to acknowledge the importance of insurance.

“Here in Yemen, we badly need insurance,” said Radman. On the same note, Mujeeb Radman, the head of the Yemeni Insurance Companies Union, said his union was ready to present a number of services to insurance companies as part of an effort to improve the state of insurance in Yemen.

Attendees at the symposium discussed factors which could help contribute to such improvement, while company representatives presented various insurance-related proposals.