20 May 2026
The Ministry of Sport and the Insurance Authority signed today, Wednesday, 20 May 2026, a memorandum of understanding to strengthen cooperation between the two entities and support the development of specialized insurance products for the sports sector. The MoU seeks to enhance the efficiency and inclusiveness of Saudi Arabia's insurance sector while promoting and encouraging community participation in various sports activities.
The signing ceremony, held at the Insurance Authority's headquarters in Riyadh, was attended by representatives from both entities. The Ministry of Sport was represented by the Deputy Minister for Sport and Youth Affairs, Mr. Abdulaziz Almasaed, while the Insurance Authority was represented by the Deputy CEO for Prudential Supervision, Eng. Bassam Albader.
The MoU is part of both entities' commitment to fostering integration across vital sectors and to activating insurance's role as an enabler of sports activities. It focuses on studying insurance needs for sports facilities and athletes, including sports injuries and professional liability, and on developing new insurance products or improving existing ones in line with the sector's nature.
Areas of cooperation also include coordination for the exchange of data, statistics, and relevant expertise in sports insurance, in accordance with approved regulations. The MoU further includes studying the possibility of making certain insurance products mandatory within the sports sector, in a manner that enhances protection levels and improves risk management efficiency.
The MoU also covers exploring opportunities for cooperation in technical integration between both entities, contributing to facilitating the verification of insurance policies and improving the efficiency of procedures related to sports activities. It also aims to support the sustainability of insurance products and increase confidence in them among entities operating in the sports sector.
This constructive cooperation reflects the Ministry of Sport's and the Insurance Authority's commitment to enhancing integration between the insurance and sports sectors by developing specialized insurance products that contribute to empowering the sports sector and strengthening its sustainability, in line with the objectives of Saudi Vision 2030.