The Saudi insurance market recorded growth of more than 17% in 2024, with the insurance penetration rate standing at 2.6% of non-oil GDP. The growth rate outpaced the G20 average, pointed out the Chairman of the Insurance Authority Abdulaziz Alboug.
He was speaking at the opening of the inaugural Global Insurance Conference & Exhibition (ingate), that is organised by the Insurance Authority under the theme “Step Into Tomorrow”. He spoke on behalf of Mr Mohammed Aljadaan, Minister of Finance and Chairman of the Financial Sector Development Programme Committee.
Mr Alboug noted that the global insurance industry is undergoing major shifts driven by rapid technological, economic, and climate developments. He said the launch of ingate comes at a pivotal moment, as the global insurance market has surpassed $8tn, fuelled by rising economic activity and greater awareness of the importance of insurance protection.
He emphasised the Kingdom’s aim to double the size of Saudi market by 2030, underscoring insurance as a cornerstone of economic growth and global financial stability that protects individuals and communities, ensures business continuity, and supports development and investment.
The opening day of ingate features panel discussions with global regulatory leaders, including the participation of the Insurance Authority’s CEO, Naji Al Tamimi, focusing on enabling growth and sharing international lessons to support the ambitions of Saudi Arabia’s insurance sector.
The conference is being held at Mayadeen Venue in Riyadh and runs until 12 November. It brings together the leaders of the insurance, reinsurance, technology, and investment sectors, underscoring the Kingdom’s growing influence and its central role in shaping the future of insurance.