IA CEO expects Saudi insurance market to exceed SAR 140B by 2030

The Saudi insurance market is expected to more than double in size by 2030, exceeding SAR 140 billion, said Naji Al Tamimi, CEO of Insurance Authority (IA).

He also anticipates insurance penetration in non-oil GDP to increase to 3.6%, while risk-based capital is projected to reach SAR 50 billion.

These remarks were made during Al Tamimi’s participation as part of the official Saudi delegation at the World Economic Forum (WEF), held in Davos, Switzerland, from Jan. 19 to 22.

During the forum, Al Tamimi highlighted ongoing developments in the Saudi insurance sector and emphasized the promising opportunities it offers to global partners specializing in investment and insurance.

It is worth noting that the Saudi Cabinet recently approved the National Strategy for the Insurance Sector.

The strategy aims to achieve three strategic objectives: enhancing insurance protection for individuals and businesses, developing a sustainable and efficient insurance market, and enabling comprehensive coverage for national risks.