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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s insurance sector is set to see significant cooperation between companies and shareholders after the Kingdom’s Insurance Authority held its first CEO meeting.
The meeting came within the framework to strengthen relations between insurance companies and industry leaders to advance the sector.
During the gathering on Dec. 3, Abdulaziz Al-Boug, chairman of the authority’s board, emphasized the IA’s keenness to work with insurance companies as partners in a bid to further develop the sector, according to a report by the Saudi Press Agency.
He also added that the authority is focused on regulating the sector, stimulating growth and innovation, enhancing competitiveness, and increasing the sector’s efficiency and contribution to the economy.
Al-Boug highlighted the insurance sector’s significant role in protecting the national economy, properties, and upholding the rights of policyholders including individuals, companies, and government entities.
Effective risk management and creating an attractive investment environment are also key focus areas.
Naji Al-Tamimi, the IA’s CEO, stressed the importance of united efforts and transparency between the authority and active companies in the sector.
The authority’s objectives include regulating and supervising the insurance sector in Saudi Arabia, raising public awareness, ensuring the protection of all contractual parties and beneficiaries, and contributing to the sector’s financial stability and development.
The meeting marks the beginning of a new phase for the Saudi insurance industry, with plans to review and develop all insurance-related systems and regulations.
This approach is expected to create a competitive and flexible market, ensuring sector stability, increased investments, and a diversity of insurance products that reflect positively on end-users and align with global standards.
In August, the Saudi Cabinet, chaired by Crown Prince Mohammed bin Salman, approved the establishment of the IA.
“The Cabinet’s decision to establish the Saudi Insurance Authority underlines the Kingdom’s commitment to building and developing a world class insurance sector — one set apart by established best practices and international standards,” Adel Al-Eisa, media spokesperson for insurance companies in Saudi Arabia told Arab News in September.
He added: “The launch of the authority marks the latest step taken by the Kingdom to regulate, supervise, control, support and enhance the Saudi insurance sector, and enhancing its effectiveness.”
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