Saudi Arabia Approves National Insurance Sector Strategy Under Vision 2030

The approval was welcomed by Abdulaziz bin Hassan Al-Boug, Chairman of the Board of the Insurance Authority, and Eng. Naji Al-Faisal Al-Tamimi, CEO of the Insurance Authority, who expressed their appreciation to the Kingdom’s leadership for endorsing the strategy.

Al-Boug extended his gratitude 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.

He said the approval reflects the continued and unwavering support the insurance sector receives from the Kingdom’s leadership.

Saudi insurance sector

Al-Boug 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 said the strategy aligns with the leadership’s aspirations and the objectives of Saudi Vision 2030.

He explained that the strategy 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 emphasised 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.

Al-Tamimi also expressed his appreciation to the leadership for approving the strategy, describing it as a foundational pillar in achieving the objectives of Vision 2030 and the Financial Sector Development Program.

He said 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 said the Insurance Authority will work closely with partners and stakeholders through a structured framework comprising 11 strategic and enabling programmes and 72 initiatives.

These initiatives are designed to deliver nine strategic promises aligned with Vision 2030 and represent the most significant expected outcomes of the strategy.

Insurance targets

Among the most prominent commitments outlined in the strategy are expanding the size of the insurance market, increasing insurance penetration in non-oil GDP to 3.6 per cent 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.

The development of the National Insurance Sector Strategy is one of the core mandates of the Insurance Authority, which was established under Cabinet Resolution No. 85 dated August 15, 2023, with support from the Financial Sector Development Program.