Saudi Gazette report

RIYADH — Finance Minister Mohammed Al-Jadaan stated on Wednesday that a new unified regulator for the insurance sector in Saudi Arabia would be established soon.

At the 6th Saudi Insurance Symposium (SIS), which is one of the largest forums for the insurance companies across the Middle East, he said that the new unified regulator for the insurance sector would enhance in developing the sector.

He invited all the local and international investors to invest in it and asked them to take the sector seriously.

He also invited the international insurance companies to invest in Saudi Arabia, by opening branches of their companies, or investing through joining Saudi investors.

Saudi Arabia’s leadership led by Custodian of the Two Holy Mosques King Salman and under the supervision of the Crown Prince Mohammed Bin Salman, prime minister, is very serious about developing the financial sector, especially the insurance sector, he confirmed.

Al-Jadaan noted that the insurance sector needs strong entities that are able to expand inside and outside Saudi Arabia, while also offering several new services.

He added that the Saudi Central Bank (SAMA) has offered several catalysts and also developed the financial market.

The Ministry of Finance in cooperation with the government will work to push the insurance sector in order to grow more during the next period, Al-Jadaan said.

He noted that the insurance sector holds huge opportunities and receives great support from the Kingdom's leadership.