03 December 2023
The Insurance Authority held its first meeting with the CEOs of
insurance companies on Sunday, 19 Jumada Al-Awwal 1445 AH, corresponding to
December 3, 2023.
The meeting was attended by the Chairman of the Authority's Board of
Directors, His Excellency Mr. Abdulaziz bin Hassan Al-Boug and the CEO of the
Authority, Engineer. Naji Al-Faisal Al-Tamimi, along with leaders of the
insurance sector in the Kingdom.
This meeting comes within the framework of enhancing communication with
industry leaders in the Authority and unifying efforts to develop the insurance
industry, and create strong insurance entities capable of competing and
growing. At the beginning of his speech to inaugurate the meeting, His
Excellency Mr. Abdulaziz Al-Boug welcomed the insurance leaders, affirming that
the wise leadership is keen to support the insurance sector in the Kingdom. He
mentioned that the Authority will work on regulating the sector, stimulating
growth and innovation, enhancing competitiveness, improving the efficiency of
the sector, and its contribution to the economy.
He added that the Authority is working on building the national
insurance strategy, which will serve as the compass for the sector, emphasizing
the Authority's commitment to work with insurance companies as partners in
building and developing the insurance sector. Engineer Naji Al-Tamimi, the CEO
of the Authority, expressed his pleasure in meeting the insurance industry
leaders in the Kingdom, emphasizing the need to unify efforts and enhance
transparency between the Authority and the active companies in the sector.
He stated that the Authority aims to regulate the insurance sector in
the Kingdom, supervise and oversee it in a way that supports and enhances its
effectiveness, and raises insurance awareness in society. He also highlighted
that insurance represents protection for all parties in the contractual
relationship and beneficiaries, contributing to the financial stability of the
sector and its development.
Al-Tamimi emphasized the importance of considering that we are at the
beginning of a new phase for the insurance industry in the Kingdom, and the
Authority will review all the regulations and laws related to insurance and
develop them, which in turn will create a flexible competitive market that
ensures the stability of the sector, increases investments, and diversifies
insurance products. These developments will have a positive impact on the end
beneficiaries and raise the quality of the services provided in line with
international standards.