Introduction
Established in November 2023, the Saudi Insurance Authority (IA) is the Kingdom’s independent regulator for the insurance sector. It assumed full supervisory responsibilities previously held by the Saudi Central Bank (SAMA) and the Council of Health Insurance, becoming the sole entity tasked with overseeing and advancing the insurance ecosystem across Saudi Arabia.
Since its launch, the Authority has focused on unifying and modernizing the regulatory framework to foster a more transparent, efficient, and innovation-driven environment. In alignment with Saudi Arabia’s broader transformation agenda, the IA has taken bold steps to enhance market stability, elevate industry standards, and strengthen trust among consumers and stakeholders. Notable achievements include driving sustained double-digit market growth, introducing fully integrated digital services, and enforcing compliance through firm regulatory actions—such as revoking licenses of non-compliant entities.
Strategic Direction
The IA’s strategy is deeply aligned with Saudi Vision 2030 and the Financial Sector Development Program. Its mission is to build a robust, resilient, and globally competitive insurance sector that supports the Kingdom’s economic diversification goals. The Authority is committed to enhancing financial stability, fostering innovation through digital transformation, and adopting global best practices.
A key focus is on protecting policyholders by streamlining complaints resolution mechanisms and promoting transparency. Furthermore, the IA is currently developing a comprehensive national strategy aimed at future-proofing the sector and driving long-term growth, investment, and international collaboration.
Looking Ahead
In a major step toward global engagement, the IA will host its inaugural international flagship event from 10–12 November 2025 in Riyadh. The event will convene regulators, reinsurers, innovators, and investors from around the world to discuss the future of insurance through the lenses of regulation, technology, and investment. This milestone event reflects the Kingdom’s ambition to position itself as a leading regional hub for insurance.