SAMA works on developing the Saudi insurance sector

The Central Bank of Saudi Arabia (SAMA) has established a number of initiatives and structural reforms to align the Saudi insurance market with the Kingdom’s “Vision 2030" objectives.

The insurance supervisory authority mainly aims to:

• increase the insurance sector’s contribution to GDP
• stimulate savings among individuals
• create new job opportunities for citizens and improve their skills

In order to achieve these objectives, SAMA intends to implement several procedures, controls, rules and instructions specific to the insurance sector.