Saudi Gazette report

RIYADH — The Insurance Authority (IA) of Saudi Arabia convened its inaugural meeting with CEOs of insurance companies to fortify communication, drive industry growth, and establish resilient insurance entities capable of thriving in the market.

Chaired by IA Board of Directors Chairman Abdulaziz Al-Boug, and attended by IA CEO Eng. Naji Al-Faisal Al-Tamimi and prominent leaders from the Saudi insurance sector, the meeting focused on reinforcing ties and outlining a comprehensive national insurance strategy.

Al-Boug welcomed the insurance leaders, acknowledging the unwavering support of the Kingdom's leadership for the insurance sector.

He emphasized IA's commitment to regulatory excellence, fostering innovation, promoting competitiveness, improving sector efficiency, and enhancing its contribution to the national economy.

Al-Boug highlighted the ongoing development of a national insurance strategy that will serve as a guiding framework for the sector.

Al-Tamimi stressed the importance of unity among industry efforts and the need for enhanced transparency in the collaborative work between IA and sector companies.

He articulated IA's objective of regulating and supervising the insurance sector to ensure its effectiveness.

Additionally, Al-Tamimi underscored IA's commitment to raising public awareness about insurance, highlighting its role in protecting contractual parties and contributing to financial stability and sector development.

Furthermore, Al-Tamimi announced a new phase for the Kingdom's insurance industry, outlining IA's intention to review and optimize regulations and laws governing insurance.

The aim is to cultivate a flexible and competitive market, ensuring sector stability, attracting investments, and diversifying insurance products.

These strategic measures, aligned with international standards, are anticipated to have a positive impact on end beneficiaries and elevate the overall quality of services provided.

The IA, as the regulatory body overseeing the insurance sector in the Kingdom, was established by a Cabinet decision.

Its primary objective is to regulate and supervise the insurance sector, keeping pace with global developments in the industry.