Riyadh- Jan 21: His Excellency the Chairman of the Board of the Insurance Authority, Mr. Abdulaziz bin Hassan Al‑Boug, and the IA CEO Eng. Naji Al‑Faisal Al‑Tamimi extended their sincere gratitude and appreciation to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and to Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, and Chairman of the Council of Economic and Development Affairs, following the Council of Ministers’ approval of the National Insurance Sector Strategy.
Mr. AlBoug addressed that this approval reflects the continued and unwavering support the insurance sector receives from the Kingdom’s wise leadership. He highlighted the establishment of the Insurance Authority as a pivotal milestone, through which the Authority developed the National Insurance Sector Strategy to unlock the sector’s full potential and position the Saudi insurance market among the world’s fastest-growing and most advanced.
He added that the strategy aligns with the leadership’s aspirations and Saudi Vision 2030 objectives, and is built around three core strategic goals: strengthening insurance protection for people and businesses, developing a sustainable and efficient insurance market, and enabling coverage for national-level risks. He emphasized the vital role of the insurance sector as a key enabler of the Kingdom’s comprehensive development agenda, supporting economic growth, enhancing protection mechanisms, and reinforcing national economic stability.
For his part, the Chief Executive Officer of the Insurance Authority, Eng. Naji Al‑Faisal Al‑Tamimi, expressed his deep appreciation to the leadership for approving the strategy, describing it as a foundational pillar in achieving the objectives of Saudi Vision 2030 and the Financial Sector Development Program.
He noted that the strategy will serve as a comprehensive roadmap guiding the Saudi insurance sector over the coming years, strengthening protection frameworks, reinforcing economic stability, and supporting sustainable development in line with the Kingdom’s global economic standing.
Addressing the key enablers underpinning the strategy, Al-Tamimi stated that the Insurance Authority will work closely with partners and stakeholders to achieve the strategy’s objectives through a structured framework comprising 11 strategic and enabling programs and 72 initiatives. Together, these initiatives are designed to deliver nine strategic Promises aligned with Saudi Vision 2030 and represent the most significant expected outcomes of the strategy, reflecting the insurance sector’s contribution to the Kingdom’s broader development journey.
Among the most prominent commitments are expanding the size of the insurance market, increasing insurance penetration in non-oil GDP to 3.6% by 2030, doubling risk-based capital, improving retention rates in property and casualty insurance, expanding health insurance coverage to 23 million beneficiaries, increasing the number of insured vehicles to 16 million, and creating additional employment opportunities for national talent within the insurance sector.
It is worth noting that the development of the National Insurance Sector Strategy is one of the core mandates for which the Insurance Authority was established under Council of Ministers Resolution No. (85) dated 15 August 2023, with support from the Financial Sector Development Program.
