Riyadh Hosts Global Insurance Conference
The two-day gathering united international regulatory authorities, insurance and reinsurance firms, investors, and technology innovators with the goal of turning concepts and visions into actionable programs that stimulate creativity, broaden market horizons, and reinforce sustainable development, according to a press release issued on Tuesday.
Held under the patronage of Saudi Finance Minister Mohammed Al Jadaan, the conference features both local and global speakers who will address various topics ranging from market confidence to innovation and digital transformation. Chairman of the Saudi Insurance Authority, Abdulaziz Al-Boug, was also among the participants at the event on Monday.
In his opening address, Al-Boug noted that the insurance field is experiencing worldwide shifts fueled by swift technological, economic, and environmental changes.
He emphasized that ingate stands at a pivotal stage, with the international insurance market surpassing "$8 trillion," driven by global economic progress and growing awareness of the significance of insurance coverage.
Al-Boug further revealed that the Saudi insurance sector saw growth exceeding "17%" in 2024, achieving an insurance penetration rate of "2.6% of non-oil GDP," which is higher than the G20 average. The sector aspires to double in size by "2030."
He underlined the crucial function of the insurance industry as one of the primary foundations of economic expansion and financial resilience worldwide, noting its role in protecting individuals and societies, maintaining business operations, and promoting development and investment.
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