Arab nations join forces with Africa at continent’s first climate summit

Arab nations join forces with Africa at continent’s first climate summit

RIYADH: Saudi Arabia’s insurance sector is preparing itself for a game-changing new regulatory body that is set to grow the market and encourage new players in line with the rapid pace of change taking place in the Kingdom.

In August, the Saudi Cabinet, chaired by Crown Prince Mohammed bin Salman, approved the establishment of a new unified and independent regulator for the insurance sector, the Insurance Authority.

Finance Minister Mohammed Al-Jadaan described the new measure as a pivotal and necessary one in the development of the Saudi financial sector — a major component of the Kingdom’s Vision 2030 agenda. The IA is designed to boost the role of the insurance sector in the Kingdom which in turn will grow and enhance the market for Saudi, regional and global businesses operating in the Kingdom.

“The Cabinet’s decision to establish the Saudi Insurance Authority underlines the Kingdom’s commitment to building and developing a world class insurance sector — one set apart by established best practices and international standards,” Adel Al-Eisa, media spokesperson for Insurance Companies in Saudi Arabia told Arab News. “The launch of the Authority marks the latest step taken by the Kingdom to regulate, supervise, control, support and enhance the Saudi insurance sector, and