The Impact of Insurance Brokers on Cooperative Insurance Activities from the Viewpoint of the Employees of Insurance Broker Companies in Riyadh

Abstract

This research aims to evaluate the impact of insurance brokerage companies on the activity of cooperative insurance market. In order to achieve this goal, the study adopted the descriptive- analytical method in which the researcher has designed a questionnaire that is compatible and consistent with the purpose of the study.

The study was conducted on a number of insurance brokerage companies in Riyadh to find out the employees’ opinions. A questionnaire was designed especially for the purpose of the study and distributed to a random sample. After analyzing data, the study concluded that the brokerage companies affect the cooperative insurance market in Saudi Arabia and there is no statistically significant differences between the characteristics of the study sample and the service elements provided by those companies.

Based on the findings of the study results, a number of recommendations proposed including the development of the executive regulation of insurance brokers by Saudi Arabian Monetary Agency (SAMA), the involvement of insurance brokers in decision making related to insurance brokerage, increasing the insurance awareness and educate the community about insurance, the establishment of insurance departments in universities and doing further research on the subject.