IA Chairman says Saudi insurance market grew over 17% in 2024

11:36 AM (Mecca time) Argaam
Abdulaziz Al Boug, Chairman of the Insurance Authority (IA)

Abdulaziz Al Boug, Chairman of the Insurance Authority (IA)

Saudi Arabia’s insurance market grew over 17% in 2024, with penetration rising to 2.6%, surpassing the average pace among G20 peers, said Abdulaziz Al Boug, Chairman of the Insurance Authority (IA).

 

Speaking at the ingate Global Insurance Conference & Exhibition, Al Boug said the Kingdom aims to double insurance premiums by 2030.

 

He added that IA is upgrading regulations to make the market more attractive and sustainable, launching a new insurance law for public consultation and a regulatory sandbox to support startups and innovative solutions.

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