About the Pool
The Saudi Pool for Marine Insurance is a national initiative established as a result of cooperative arrangement that brings together government support and the capabilities of Saudi Arabia's private insurance sector to provide an insurance solution for cargo and hull marine risks, ensuring continued coverage during periods of elevated risk.
Pool
Objectives
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Support the Kingdom's competitiveness as a global logistics hub.
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Enhance the resilience of Saudi marine insurance market.
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Ensure the continued availability of insurance coverage during periods of elevated risk.
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Support the sustainability of economic activity and the continuity of Saudi trade connected to global markets
The Beneficiaries
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The Saudi Pool for Marine Insurance provides support to companies and activities related to Saudi interests across all waterways, including the Red Sea and the Arabian Gulf, covering the following Beneficiaries:
|
Category
| Benefit
|
Exporters & Importers | Supports the protection of cargo during transportation and the management of risks associated with international trade |
Vessel Operators | Provides hull insurance coverage for vessels |
Shipping and Maritime Transport Companies | Provides insurance protection for cargo and hull, thereby supports maritime transport operations |
Vessel Owners | Provides protection and indemnity against marine risks covered by the Pool |
Sectors linked to supply chains in the Kingdom
| Supports transport, trade, and business continuity
|
The Benefits
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Ensures supply chain continuity and product availability, which positively affect the stability of commodity prices in the local market.
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Enhances the local and global investor confidence in Saudi Arabia as a secure investment environment.
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Reduces the impact of global insurance market fluctuations on the local market.
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Supports the resilience and sustainability of the insurance sector and strengthens its capacity to protect businesses.
Insurance Coverage
The Pool provides insurance coverages for the risks covered under its scope, including:
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Marine, land, and air cargo insurance
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Hull insurance
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Charterers' Liability insurance
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Protection and Indemnity coverage
These coverages focus on Saudi companies and activities related to Saudi interests, subject to the applicable eligibility criteria and approved coverage terms.
Operating Model
- The Saudi Reinsurance Company (Saudi Re) is responsible for managing the Pool, in accordance with the approved frameworks and procedures.
- The Pool operates under the supervision of the Insurance Authority, with representatives from key entities and stakeholders.
- Insurance covers under the pool is provided by the licensed insurance companies, with no direct dealing between policyholders and the pool.