Davos: Insurance Authority CEO Eng. Naji Al-Faisal Al-Tamimi highlighted the developments witnessed by the Saudi insurance sector and the promising opportunities it offers to global partners specializing in investment and insurance.
According to Saudi Press Agency, he drew attention to the expected growth rates of the sector over the next five years. He noted that the market size is projected to double to SAR140 billion by 2030, while insurance penetration of non-oil GDP is expected to double to 3.6%. He also pointed to an anticipated increase in risk-based capital to SAR50 billion.
These remarks were made during the Insurance Authority CEO's participation as part of the official delegation of the Kingdom of Saudi Arabia at the World Economic Forum, held in Davos, Switzerland, from January 19 to 22.
The participation reflects the authority's efforts to achieve the objectives of the National Insurance Sector Strategy, which aims to build a strong and sustainable insurance market that supports the Kingdom's growth through economic diversification and the provision of protection for individuals and businesses. These efforts align with the objectives of Saudi Vision 2030 to build a vibrant society, a thriving economy, and an ambitious nation.