SAMA Governor: Cabinet approval of establishment of Insurance Authority reflects leadership’s commitment to unlock full potential of the sector

Governor of the Saudi Central Bank (SAMA) Ayman Al-Sayari has expressed his gratitude and appreciation to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud and HRH Prince Mohammed bin Salman bin Abdulaziz, the Crown Prince and Prime Minister, and the Cabinet for approving the establishment of the Insurance Authority.

Al-Sayari said that the decision reflects the leadership’s commitment to unlock the full potential of the insurance sector and make it a vital pillar of the national economy, and stressed its role in fostering robust risk management systems.

The establishment of an independent Insurance Authority tasked with regulating and supervising the insurance sector in the Kingdom is expected to enhance the sector’s efficiency and increase its non-oil contribution to the GDP, while adhering to the latest global trends in the industry.

Al-Sayari said that the enforcement of existing laws and instructions governing the insurance sector will remain unaffected. The Insurance Authority will continue to carry out SAMA’s mission to develop the insurance sector and enable its players to support the stability of the sector, while ensuring the protection of beneficiaries and policyholders’ interests.

The governor also commended SAMA’s efforts to enhance the regulatory, legal and technical frameworks of the insurance sector. The efforts include keeping pace with the latest FinTech developments, introducing innovative services and products, launching initiatives to bolster the financial positions of insurance companies, and developing specialized technical expertise among national professionals.