Insurance Authority working to regulate sector, stimulate growth: Chairman

Abdulaziz Al Boug, Chairman of Insurance Authority

The Insurance Authority is committed to working with the insurance companies as partners in building and developing the insurance industry, state-owned SPA reported, citing Chairman Abdulaziz Al Boug on the sidelines of the meeting of the CEOs of insurance and reinsurance companies.

The Insurance Authority will be organizing the sector, encouraging growth and innovation, enhancing competitiveness, as well as boosting the sector’s efficiency and its contribution to the Kingdom’s economy.

The authority is developing a national insurance strategy, which will act as the business model for the sector.

Al Boug considers insurance as one of the Kingdom’s key financial sectors, which helps protect the national economy and preserve properties.

Insurance Authority CEO Naji Al-Faisal Al-Tamimi stressed the importance of unifying efforts and enhancing transparency between the authority and the sector firms to help ensure financial stability.