The Insurance Authority’s BOD Chairman and the CEO Express Gratitude to the Leadership on the approval of the National Insurance Sector Strategy

Riyadh- January 21: Insurance Authority Chairman Abdulaziz bin Hassan Al-Boug and CEO Naji Al-Faisal Al-Tamimi expressed heartfelt appreciation to King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman following cabinet approval of the National Insurance Sector Strategy.

Al-Boug stated this endorsement demonstrates the leadership’s steadfast commitment to the insurance sector’s advancement. He emphasized the Insurance Authority’s creation marked a transformative phase in developing the strategy to maximize sector potential and elevate Saudi Arabia’s insurance market among global leaders.

The chairman highlighted alignment between the strategy and Saudi Vision 2030, structured around three primary objectives: enhancing protections for individuals and enterprises, fostering market sustainability, and establishing national risk coverage frameworks. He noted insurance’s vital role in economic development and national stability.

CEO Al-Tamimi described the strategy as foundational to realizing Vision 2030 and Financial Sector Development Program goals, serving as the sector’s roadmap for strengthening economic safeguards and sustainable growth.

Implementation will involve collaboration across 11 strategic programs and 72 initiatives designed to achieve nine measurable outcomes. Key targets include tripling non-oil insurance penetration to 3.6%, expanding health coverage to 23 million citizens, protecting 16 million vehicles, and creating workforce opportunities by 2030.

The National Insurance Sector Strategy development falls under the Insurance Authority’s mandate per Cabinet Resolution No. 85 (August 2023), supported by the Financial Sector Development Program.