The establishment of an independent insurance authority tasked with regulating and supervising the insurance sector in the kingdom is expected to enhance the sector’s efficiency, increase its contribution to the non-oil GDP and adherence to the latest global trends in the industry, said Ayman Al-Sayari, Governor of the Saudi Central Bank (SAMA). 

 

Al-Sayari expressed his gratitude and appreciation to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz AlSaud and HRH Prince Muhammad bin Salman bin Abdulaziz, the Crown Prince and Prime Minister, for the cabinet’s approval to establish the insurance authority. 

 

Al-Sayari noted that the decision reflects the leadership’s commitment to unlocking the full potential of the insurance sector to be a vital pillar of the national economy and its role in fostering robust risk management systems.

 

Al-Sayari said the insurance authority will continue to carry out SAMA’s mission of developing the insurance sector and enabling its players to support the stability of the sector, while ensuring the protection of beneficiaries and policyholders’ interests.

 

Adel Al-Eisa, Media Spokesman for Insurance Companies, said: “The cabinet's decision to establish the Insurance Authority underlines the kingdom’s commitment to building and developing a worldclass insurance sector — one set apart by established best practices and international standards.  The launch of the authority marks the latest step taken by the Kingdom to regulate, supervise, control, support and enhance the Saudi insurance sector, enhancing its effectiveness. 

 

"The independent entity will help to raise greater awareness of the importance -- and value -- of quality insurance products, services and solutions; in addition to protecting the rights of policyholders and beneficiaries, ensuring the stability of the insurance sector, strengthening financial stability, and solidifying contractual relationship principles.” - TradeArabia News Service