H.E. Mr. Ayman Al-Sayari, Governor of the Saudi Central Bank (SAMA) expressed his gratitude and appreciation to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz AlSaud and HRH Prince Muhammad bin Salman bin Abdulaziz, the Crown Prince and Prime Minister, for the cabinet’s approval to establish the Insurance Authority. 

Al-Sayari noted that the decision reflects the leadership’s commitment to unlocking the full potential of the insurance sector to be a vital pillar of the national economy and its role in fostering robust risk management systems.

The establishment of an independent Insurance Authority tasked with regulating and supervising the insurance sector in the Kingdom is expected to enhance the sector’s efficiency, increase its contribution to the non-oil GDP and adherence to the latest global trends in the industry. 

Al-Sayari noted that the Insurance Authority will continue to carry out SAMA’s mission of developing the insurance sector and enabling its players to support the stability of the sector, while ensuring the protection of beneficiaries and policyholders’ interests.

In addition, the Governor also commended SAMA’s efforts in enhancing the regulatory, legal and technical frameworks of the insurance sector. These efforts include keeping pace with the latest FinTech developments, introducing innovative services and products, launching initiatives to bolster the financial positions of insurance companies, and developing specialized technical expertise among national professionals.