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
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.
