The Insurance Authority (IA) conducted its inaugural meeting with CEOs of insurance companies on Sunday, signaling a commitment to strengthen communication and collaboration with industry leaders. The meeting, attended by IA Board of Directors Chairman Abdulaziz bin Hassan Al-Boug, IA CEO Eng. Naji Al-Faisal Al-Tamimi, and key figures from the Saudi insurance sector, aimed to foster a united effort to enhance the industry's competitiveness and success.
Al-Boug welcomed the insurance leaders, highlighting the steadfast support of the wise leadership for the Kingdom's insurance sector. He outlined IA's focus on regulating the sector, promoting growth, fostering innovation, and increasing competitiveness to contribute effectively to the economy. Al-Boug emphasized IA's commitment to developing a national insurance strategy to guide the sector's future, with a collaborative approach involving insurance companies as partners.
Al-Tamimi stressed the importance of unified efforts and transparency in IA's work and within the sector. He articulated IA's objectives to regulate and supervise the insurance sector, enhance its effectiveness, and raise public awareness about the role of insurance in protecting all parties involved in contractual relationships. Additionally, he outlined IA's plans to review and optimize regulations and laws governing insurance to create a flexible and competitive market, ensuring sector stability, increased investments, and diverse insurance products in alignment with international standards.
Al-Tamimi concluded by stating that IA is ushering in a new phase for the Kingdom's insurance industry, aiming to bring about positive impacts on end beneficiaries and elevate service quality to international standards.
Established by Cabinet Decision No. 85 on 28 Muharram, 1445 Hijri, IA is the regulatory body overseeing the insurance sector in the Kingdom of Saudi Arabia. It is dedicated to regulating, supervising, and enhancing the effectiveness of the insurance sector, aligning it with global industry developments.