Saudi Arabia has approved a National Strategy for the Insurance Sector under Vision 2030
Saudi Arabia approved the National Insurance Sector Strategy following a Cabinet decision, which marks a milestone in the Kingdom’s efforts to strengthen insurance protection, develop a sustainable market and support national economic stability in line with the 2030 Agenda.
The approval was received by Abdulaziz bin Hassan Al-Boug, Chairman of the Board of Insurance Authorities, and Eng. Naji Al-Faisal Al-Tamimi, the CEO of the Insurance Authority, who expressed their gratitude to the Kingdom’s leadership for supporting this strategy.
Al-Boug expressed his gratitude to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and to Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, and Chairman of the Council for Economic Affairs and Development.
He said this approval shows the continuous and unwavering support the insurance sector receives from the leadership of the Kingdom.
The Saudi insurance sector
Al-Boug highlighted the establishment of the Insurance Authority as an important step, where the authority developed the National Strategy for the Insurance Sector to unlock the full potential of the sector and place the Saudi insurance market among the fastest growing and most developed in the world.
He said this strategy is in line with the aspirations of the leadership and the goals of Saudi Vision 2030.
He explained that this strategy is built on three key strategic objectives: to strengthen insurance protection for individuals and businesses, to develop a sustainable and efficient insurance market, and to enable risk protection at the national level.
He emphasized the important role of the insurance sector as a key means of developing the overall system of the State, supporting economic growth, improving the means of protection and strengthening the stability of the country’s economy.
Al-Tamimi also expressed his gratitude to the leadership for approving this strategy, describing it as a fundamental pillar in achieving the goals of Vision 2030 and the Financial Sector Development Plan.
He said that this strategy will serve as a comprehensive guide to guide the Saudi insurance sector in the coming years, to strengthen security structures, strengthen economic stability and support sustainable development in line with the Kingdom’s global economic position.
Addressing key resources supporting the strategy, Al-Tamimi said the Insurance Authority will work closely with stakeholders in a systematic framework that includes 11 strategic and enabling programs and 72 programs.
These programs are designed to deliver the nine strategic promises aligned with Vision 2030 and represent the most important expected results of the strategy.
Insurance purposes
Among the most prominent commitments outlined in the strategy are to increase the size of the insurance market, increase insurance penetration in non-oil GDP to 3.6 percent by 2030, double the risk-based income, improve property and casualty insurance retention rates, expand health insurance coverage to 23 million beneficiaries, increase the number of 16 million insurance job opportunities nationally and create a million car rental opportunities. 16. sector.
The Strategic Development of the National Insurance Sector is one of the core mandates of the Insurance Authority, which was established under Cabinet Resolution No. 85 dated August 15, 2023, with the support of the Financial Sector Development Plan.
