17 July 2024
The Saudi Insurance Authority (IA) announced the issuance of the license
of WTW Insurance Brokerage, a subsidiary of the global WTW Group, as a result
of foreign direct investment in the Saudi insurance sector. This action is in
line with the IA's mandate to support and strengthen the insurance sector
through regulation. Performance improvements and facilitating foreign
investment. with the goal of increasing competitiveness Transferring
specialized expertise and ultimately diversify the investor base.
The insurance authority also recognizes the important role brokers play
in achieving their objective of increasing insurance awareness. A variety of
product and service delivery channels Enhanced customer experience Streamlined
and fast claim processing and the overall progress and growth of the insurance
sector. The insurance authority aims to facilitate access to insurance
services. and enable informed decisions in selecting and pricing the most
appropriate coverage that suits the needs and risks of the insured involved
through licensing these activities. This is in line with the Saudi Vision 2030.
Insurance authorities emphasize the importance of dealing only with
licensed companies. Confirmation can be done via the agency's website:
WWW.IA.GOV.SA.