Saudi Arabia will promote the insurance industry with new powers
Bringing in new oppurtunities
Saudi Arabia is set to establish an Insurance Authority as part of its Vision 2030 objectives, aimed at bolstering the insurance sector. The decision, greenlit by Crown Prince Mohammed bin Salman Al Saud during the Cabinet session at Al Salam Palace in Jeddah on August 16, 2023, marks a significant step towards achieving the kingdom's long-term goals, according to the Saudi Press Agency (SPA).
Adel Al Eisa, the Media Spokesman for Insurance Companies in Saudi Arabia, highlighted the role of this independent entity in promoting greater awareness about the importance and value of high-quality insurance products, services, and solutions. The overarching mission of the Insurance Authority is to safeguard the rights of policyholders and beneficiaries, ensure the stability of the insurance sector, and fortify overall financial stability. Moreover, it aims to empower local insurance companies, thereby augmenting the contribution of the Saudi insurance sector to the gross domestic product (GDP).
In tandem with this initiative, the Insurance Authority will collaborate with pertinent entities such as the Saudi Central Bank (SAMA) and the Council of Health Insurance. This collaboration is designed to ensure the seamless operation of the sector and foster a regulatory environment conducive to the interests of both entities within the sector and the beneficiaries of their services. By fostering such partnerships, the authority seeks to create a robust regulatory framework that supports the sustained growth and development of the insurance sector in Saudi Arabia.
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