Saudi Arabia initiates national insurance strategy with industry leaders

Saudi Arabia initiates national insurance strategy with industry leaders

Saudi Gazette reportRIYADH — 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