A review of corporate governance in the Saudi Arabian insurance sector

Shanar Shafi Alsuyayfi, Rasidah Mohd Said, Roslan Ja'Afar and Ali Albada
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Shanar Shafi Alsuyayfi: PhD student, Universiti Kebangsaan Malaysia, Malaysia
Rasidah Mohd Said: Associate Professor, Universiti Kebangsaan Malaysia, Malaysia
Roslan Ja'Afar: Senior Lecturer, UKM-Graduate School of Business, Universiti Kebangsaan Malaysia, Malaysia
Ali Albada: Assistant Professor, Sohar University, Oman

Journal of Risk Management in Financial Institutions, 2023, vol. 16, issue 3, 293-303

Abstract: This research aims to highlight the gaps in literature on corporate governance and risk management, and their impact on organisational performance in Saudi Arabia, specifically in the insurance sector. Existing studies that measure such relationships are limited. Moreover, the literature has revealed several constraints in the Saudi Arabian corporate governance environment that exacerbate the challenge associated with regulatory set-up, compliance and the detection of any changes in corporate governance procedures. Considering the `great` importance of the insurance sector in the Saudi economy, and the important role of corporate governance in regulating the insurance business, the study proposes that policy makers and regulators develop policies and regulations that would ensure that firms implement appropriate risk management strategies to improve the performance of the insurance industry in Saudi Arabia. Finally, the policy makers should focus on strengthening Takaful insurance because it has much potential due to its risk-averse characteristics.

Keywords: financial performance; corporate governance; board of directors; board independence; audit committees (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:aza:rmfi00:y:2023:v:16:i:3:p:293-303

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