03 December 2023

In It's first meeting with CEOs The Insurance Authority emphasizes the need to unify efforts and work as partners to build and develop the insurance sector

First meeting with CEO
The Insurance Authority held its first meeting with the CEOs of insurance companies on Sunday, 19 Jumada Al-Awwal 1445 AH, corresponding to December 3, 2023. The meeting was attended by the Chairman of the Authority's Board of Directors, His Excellency Mr. Abdulaziz bin Hassan Al-Boug and the CEO of the Authority, Engineer. Naji Al-Faisal Al-Tamimi, along with leaders of the insurance sector in the Kingdom. This meeting comes within the framework of enhancing communication with industry leaders in the Authority and unifying efforts to develop the insurance industry, and create strong insurance entities capable of competing and growing. At the beginning of his speech to inaugurate the meeting, His Excellency Mr. Abdulaziz Al-Boug welcomed the insurance leaders, affirming that the wise leadership is keen to support the insurance sector in the Kingdom. He mentioned that the Authority will work on regulating the sector, stimulating growth and innovation, enhancing competitiveness, improving the efficiency of the sector, and its contribution to the economy. He added that the Authority is working on building the national insurance strategy, which will serve as the compass for the sector, emphasizing the Authority's commitment to work with insurance companies as partners in building and developing the insurance sector. Engineer Naji Al-Tamimi, the CEO of the Authority, expressed his pleasure in meeting the insurance industry leaders in the Kingdom, emphasizing the need to unify efforts and enhance transparency between the Authority and the active companies in the sector. He stated that the Authority aims to regulate the insurance sector in the Kingdom, supervise and oversee it in a way that supports and enhances its effectiveness, and raises insurance awareness in society. He also highlighted that insurance represents protection for all parties in the contractual relationship and beneficiaries, contributing to the financial stability of the sector and its development. Al-Tamimi emphasized the importance of considering that we are at the beginning of a new phase for the insurance industry in the Kingdom, and the Authority will review all the regulations and laws related to insurance and develop them, which in turn will create a flexible competitive market that ensures the stability of the sector, increases investments, and diversifies insurance products. These developments will have a positive impact on the end beneficiaries and raise the quality of the services provided in line with international standards.