About the National Insurance Sector Strategy (NIS)
The Insurance Authority developed the National Insurance Sector Strategy (NIS) as one of its core mandates following its establishment in 2023. The strategy aims to unlock the full potential of the insurance market and enable both investors and beneficiaries to capitalize on promising growth opportunities.
The strategy serves as a transformational roadmap aligned with the objectives of Saudi Vision 2030 and its three pillars: A Thriving Economy, A Vibrant Society, and An Ambitious Nation. It has been designed to advance a dynamic and sustainable insurance sector whose role goes beyond providing social and economic protection, evolving instead into a comprehensive growth engine that supports all economic sectors and multiple aspects of life across the Kingdom.
By 2030, we will build a robust insurance market that supports the Kingdom's growth through economic diversification, providing protection for people and businesses.
Purpose
Insure Today, Ensure the Future
Strategic Objectives
- Strengthening insurance protection for people and businesses.
- Developing a sustainable and efficient insurance market.
- Enabling coverage for national-level risks.
Strategic Programs
The National Insurance Sector Strategy targets key stakeholders including population, businesses, insurance industry, and government. It defines 11 strategic and enabling programs, structured as follows:
- 5 programs focused on insurance lines.
- 3 programs related to reinsurance, retention, capacity, and risk.
- 3 enabling programs covering regulation, technology, data, artificial intelligence, and human capital
The programs include:
- Health Insurance
- Motor Insurance
- Property & Casualty Insurance (Individuals)
- Protection & Savings Insurance
- Property & Casualty Insurance (Corporates)
- Reinsurance
- Retention & Capacity
- Uninsured Risks
- Regulations & Legislation
- Technology, Data & Artificial Intelligence
- Human Capital
Strategic Promises
The NIS defines nine Strategic Promises aligned with Saudi Vision 2030’s Objectives. These Promises represent the anticipated outcomes and reflect the insurance sector’s role in the Kingdom’s broader development journey. These include expanding the size of the insurance market, increasing insurance penetration in non-oil GDP to 3.6% by 2030, doubling risk-based capital, and increasing retention rates in property and casualty insurance. Additional outcomes include expanding health insurance coverage to 23 million beneficiaries, increasing the number of insured vehicles to 16 million, creating more jobs in the insurance sector, increasing private sector participation in covering national risks, and implementing over 200 regulatory Shanges to improve the business environment, foster innovation, and strengthen the rights of all contracting parties within the insurance ecosystem.
Strategic Initiatives
To deliver on its promises and targets, the NIS includes 72 initiatives linked to both strategic and enabling programs. Each initiative is aligned with a specific strategic objective and designed to work in an integrated manner.
The NIS defines initiative priorities and implementation sequencing, with the aim of advancing all insurance lines and delivering a transformational impact across the entire insurance ecosystem.
Health Insurance Program Initiatives
The Health Insurance Program includes 11 initiatives aimed at developing the health insurance market, expanding voluntary insurance, strengthening the effectiveness of health insurance mandatory implementation, fostering innovation and sustainability, and improving beneficiary satisfaction.
The initiatives also promote wise healthcare service consumption and reduce fraud, waste, and misuse. In addition, the initiatives enhance employers' ability to absorb insurance costs—particularly SMEs—and expand vertical integration through improved regulatory frameworks, removal of regulatory barriers, applying new supervisory tools, and the introduction of sustainable governance models.
Motor Insurance Program Initiarives
The strategy identifies 9 initiatives under the Motor Insurance Program focused on enhancing pricing efficiency through advanced data capabilities to ensure fair pricing for beneficiaries while maintaining market stability and sustainability.
The initiatives also encourage the adoption of driving behavior assessment technologies (telematics), enable insurers to design innovative products and solutions, improve claims management, and strengthen operational efficiency and technical capabilities, including underwriting process.
Property & Casualty Insurance Initiatives (Individuals and Corporates)
A total of 17 initiatives are planned under the Property & Casualty programs for individuals and corporates. These initiatives aim to establish a centralized policyholder data system to support informed decision-making, create an enabling environment for insurer growth, increase retention rates, and enhance Risk-bearing capacity.
They also focus on building technical skills and capabilities, introducing regulatory frameworks to attract and establish captive insurers, and enabling consumers to access suitable insurance products through effective distribution channels.
Protection & Saving Insurance Program Initiatives
The strategy includes 12 initiatives for the Protection & Savings Insurance Program, playing a vital role in financial education and awareness of this insurance line of business while increasing confidence and demand through targeted financial incentives.
The initiatives also aim to establish a policyholder protection fund, encourage insurers to offer innovative products, enhance financial inclusion, and support employers—particularly SMEs—in offering workplace savings schemes or defined contribution plans as a complement to existing retirement systems.
Reinsurance, Retention, Capacity and Uninsured Risks Programs Initiatives
Across these programs, 10 initiatives are planned to support the expansion of local reinsurance companies into global markets, increase domestic reinsurance capacity, strengthen capital availability for reinsurance business, and develop national talent to support underwriting expansion and attract specialized expertise.
The initiatives also include regulatory and legislative enhancements to increase reinsurance market attractiveness, improve data availability, raise market maturity, and address uninsured national risks through the establishment of the first dedicated insurance pool. This will enhance risk coverage, increase private sector participation in the national risk management, and reduce pressure on public finances.
Technology, Data and Artificial Intelligence Program Initiatives
Achieving the objectives of this program requires 5 initiatives focused on modernizing and unifying digital infrastructure, accelerating innovation, and promoting the adoption of advanced technologies across the insurance sector.
The initiatives also aim at the development of a sector-wide data and Using AI to ensure data quality, enable advanced analytics, facilitate secure data sharing, establish a centralized and secure insurance database, and raise digital standards, data protection, and cybersecurity.
Human Capital Program Initiatives
Human capital is a key enabling pillar of the strategy. The program includes 6 initiatives aimed at raising insurance awareness and literacy among youth, integrating insurance concepts into school curricula through partnerships with educational institutions, private entities, and insurers.
It also focuses on addressing labor market needs by establishing an integrated workforce development ecosystem, offering targeted incentives and professional training programs, and strengthening collaboration with academic institutions, regulators, and industry leaders to align skills with market demand.