The Faculty of Commerce and Economics at BZU and the Palestinian Federation of Insurance Companies organized Insurance Day on 25 April 2012. This event aimed to bridge the gap between insurance theory and practice, to raise awareness about insurance and to discuss prospects of cooperation between the insurance sector and BZU.

 

In his opening address, the Faculty’s Dean, Dr. Mohamed Nasr, spoke about the rapid increase in the number of insurance institutions and openness to the global economy. He added that there is an increasing demand for staff in these institutions to meet growing market needs, in addition to an increase in insurance awareness on the part of  individuals and companies.

 

 

Chairman of the Palestinian Federation of Insurance Companies, Mohammed Rimawi, noted: "On this day, we seek to acquaint students with the Palestinian insurance market and to work on the integration and harmonization between the role of the insurance sector and the educational sector."

 

 

 

Chairman of the Board of Directors of the Palestine Capital Market, Maher Masri, spoke about the role of universities in supporting the Palestinian insurance sector. Masri addressed the problems of the insurance sector in the absence of legislation and mechanisms for government supervision and control. He added that with the establishment of the Capital Market in late 2004, it served as the legally authorized body to supervise, regulate and control the sector. Further, Insurance Act No. (20) passed in 2005 contributed to the reorganization of the insurance sector.

 

In a panel chaired by BZU Department Chair of Finance and Banking, Dr. Anis Al Hijjeh, Secretary-General of the Palestinian Federation of Insurance Companies, Nihad Asaad, presented a working paper on the insurance sector in Palestine.

 

 

Diama Abu Laban from the Finance and Banking Department presented an intervention entitled: "Future Approaches for Teaching Insurance at Universities.” This was followed by an intervention on pioneer experiences in teaching insurance, given by Partner and Director of General Insurance at Apex Insurance in Jordan, Tareq Marea.

 

 

The second session was a panel discussion on prospects for cooperation between the insurance sector and BZU, in which Director General of the National Insurance Company, Ahmad Mshasha; Director General of Takaful Insurance Company, Mohammed Rimawi; Deputy Executive Director of the United Insurance Company, Tahsin Al Hmoud; insurance expert, Ghassan Abu Nassar; and two faculty members, Dr. Monther Najim and Dr. Basim Makhoul, participated.

 

 

The main recommendations that emerged from this day were to work on offering insurance courses that contribute to graduating distinguished students in this area, and that insurance companies should provide experts for teaching insurance courses at BZU and support the formation of a joint committee to follow-up on the implementation of these recommendations.