Saudi Arabia to Announce Unified Insurance Regulator Soon

Saudi Arabia to Announce Unified Insurance Regulator Soon

A unified regulator for the insurance sector, independent of the Saudi Central Bank (SAMA), will be announced soon, Minister of Finance Mohammed Al-Jadaan stated on Wednesday.

While the minister acknowledged that the insurance sector needs powerful entities capable of expanding within and outside Saudi Arabia, he stressed that the government is keen on supporting and developing the financial sector.

Al-Jadaan pointed out that great investment opportunities are available in Saudi Arabia’s insurance sector.

The government, according to Al-Jadaan, is working on attracting quality investments from inside and outside Saudi Arabia.

Al-Jadaan invited international insurance companies to enter the Saudi market directly by opening branches or participating with investors.

Speaking about the anticipated unified regulator, Al-Jadaan said: “The objective is to develop the sector as well as to facilitate compliance processes between existing regulators.”

During the Saudi Insurance Symposium held on Wednesday, Al-Jadaan stressed that the insurance sector hasn’t quite yet reached the level of the Kingdom’s ambitions for it.

The minister also highlighted the importance of mergers to strengthen the sector.

He announced ongoing efforts to push the sector toward further growth during the coming period.

Al-Jadaan added the government initially approved a proposal to establish an independent insurance regulator.

SAMA Governor Fahad Abdullah Al-Mubarak confirmed that the insurance sector