The Saudi Ministry of Culture has launched an cultural insurance product, which provides insurance coverage for those in charge of cultural assets and collectors of works of art, offering protection against potential damage.
The product, a pioneering measure, covers heritage buildings and provides financial compensation for material damages following events such as fires, floods, theft, natural disasters, and others. It also covers artworks and movable assets in the event of accidents, theft, and accidental damage during display, storage, lending, and transportation.
The product launch took place on 13 August 2024 on the sidelines of the Cultural Insurance Conference in Riyadh organised by the Ministry of Culture in cooperation with the Insurance Authority. The first insurance agreement was sealed for a group of heritage buildings affiliated with the Ministry.
Mr Mostafa Yonba’awi, director general of Risk and Compliance at the Ministry, said that Saudi Arabia is rich in many cultural assets that extend throughout the Kingdom’s geography, and considers their preservation a “great responsibility”.
He told the local media, “We are working to create an integrated infrastructure to protect these assets and preserve them from damage and risks.” He added, “The benefits of insurance extend beyond the commitment to protect them to harnessing expertise in protecting resources and assets, achieving sustainability.”
Mr Ahmed Alqassir of the Insurance Authority, said, “This product aims to fully protect cultural works and heritage assets, enhance their sustainability, and preserve their value.”