05 May 2025
The Insurance Authority signed a
Memorandum of Understanding (MoU) today with Ministry of Culture to enhance
collaboration in achieving national objectives within the cultural and
insurance sectors. The partnership aims to safeguard cultural assets and
activate the cultural insurance sector. The signing ceremony occurred in
Riyadh, with the Insurance Authority represented by Mr. Abdulaziz bin Sulaiman
Al-Bishri, Executive Director of Licensing and Approvals. In contrast, Mr.
Hussam bin Abdulaziz Al-Fayez, Acting General Manager of Risk and Compliance,
represented the Ministry of Culture.
The MoU outlines collaboration
between the two parties across several areas, most notably assessing the needs
of the cultural sector as part of their joint efforts to develop and introduce
tailored insurance products. It also includes coordination on supporting
sectors within the cultural insurance ecosystem, particularly in establishing
processes to define the standards used by support service providers in
financial valuation and restoration of cultural assets, and evaluating their
alignment with the standards adopted by insurance companies. Additionally, the
MoU covers the exchange of data, information, and expertise related to the
cultural insurance market, as well as cooperation in developing criteria for
the assessment of cultural assets by insurance companies.
This MoU reflects the shared
commitment of the Insurance Authority and the Ministry of Culture to protecting
cultural assets in all their forms, ensuring the stability of the cultural
economy, shielding it from the financial consequences of potential losses, and
creating a secure environment for investment. It also builds on their previous
collaboration in launching the "Cultural Insurance" product, which
supports cultural activities and protects against losses related to high-value
assets, including heritage buildings, artworks, third-party liabilities, and
business interruption.