Saudi Arabia: Insurance Authority drafting national insurance strategy
Source: Middle East Insurance Review | Jan 2024
The newly formed Insurance Authority (IA) is drawing up a national insurance strategy, to serve as a guide for the sector.
This was disclosed during the IA’s first meeting with the CEOs of insurance companies to strengthen communication with industry leaders.
IA chairman Abdulaziz Al-Boug, IA CEO Naji Al-Tamimi and leaders of the Saudi insurance sector took part in the meeting that was held on 3 December.
Mr Al-Boug said the IA’s steadfast support for the insurance sector in the Kingdom and that the regulator will focus on the sector, fostering growth and innovation.
Mr Al-Tamimi spoke about the need to unify efforts and enhance transparency in the work undertaken by the regulator and the companies active in the sector.
He said that IA’s goal is to regulate and supervise the insurance sector in the kingdom, to ensure its effectiveness. The regulator aims to raise society’s awareness about insurance, emphasising that insurance protects all parties that enter such contractual relationships. It also contributes to the financial stability and development of the sector, he said.