30 October 2024
The Saudi Red Sea Authority and the Insurance Authority have signed a
cooperation agreement resulted in the launch of the first national insurance
product for all coastal tourism activities.
This product will be offered through local insurance companies, without
the need for external parties to provide services for these activities. The aim
is to enhance the appeal of coastal tourism, attract practitioners for maritime
and coastal tourism activities, and strengthen the tourism content to achieve
the Saudi Vision 2030 Objectives.
The Saudi Red Sea Authority was represented at the signing by CEO
Mohammed Al-Nasser, while the Insurance Authority was represented by CEO Naji
Al-Faisal Al-Tamimi. This agreement marks the first time a national product has
been introduced in the Kingdom, aligned with the authority's mission to promote
and market coastal and maritime tourism activities, providing a complete
tourism experience, developing a model tourism infrastructure, and creating an
attractive investment environment for the tourism sector. The Insurance
Authority aims to boost the industry's growth through collaboration and
integration with other government entities, contributing to the promotion of
these activities in designated regions.
This includes offering diverse and innovative insurance products that
contribute to the protection and development of investments. The Red Sea
Authority, in partnership with the Insurance Authority, held a series of
meetings with insurance companies, resulting in the launch of the first
innovative national product in the Kingdom.
This product supports coastal tourism activities by enhancing their
attractiveness. The insurance product covers a range of activities, including
yachting, water skiing, diving, visitor rides, and surfing, meeting the needs
of those practicing marine and coastal tourism activities. Encouraging
investment, including small and medium-sized projects, and promoting maritime
and marine tourism activities to provide added value to the national economy.
The Insurance Authority is a government entity established by Cabinet Resolution
No. 85 on August 15, 2022, tasked with regulating, stabilizing, and developing
the insurance sector in the Kingdom. It is responsible for supervising and
overseeing the sector and enjoys legal personality, financial and
administrative independence, and is organizationally linked to the Prime
Minister.
The authority is committed to raising insurance awareness, protecting
the rights of policyholders and beneficiaries, contributing to financial
stability, and fostering the principles of contractual insurance relationships
It is noted that the authority began its journey in 2021 to establish and
regulate coastal tourism in the Red Sea, enhancing integration between relevant
entities.
This includes issuing licenses, establishing policies and strategies,
and developing the necessary plans. Additionally, it aims to strengthen
infrastructure requirements, protect the marine environment, encourage
investment, and promote small and medium-sized projects for marine and maritime
tourism activities