Saudi Arabia approves marine war-risk insurance pool to support trade

RIYADH — Saudi Arabia’s Cabinet has approved the establishment of a national insurance pool covering war risks for cargo and vessels. The move aims to strengthening marine insurance capacity and supporting the continuity of trade and supply chains.Finance Minister Mohammed Al-Jadaan said the pool would provide a specialized national mechanism to help the insurance market manage maritime risks through a public-private partnership.He said the initiative would enhance the market’s technical readiness and expand its capacity to provide relevant insurance coverage under the frameworks and regulations approved by the Insurance Authority.The pool is also expected to support the resilience of the national economy and strengthen Saudi Arabia’s competitiveness as a global logistics hub, Al-Jadaan said.The Saudi Reinsurance Company will lead the pool’s arrangements under the supervision of the Insurance Authority, with the participation of insurance companies.Policyholders will be able to benefit from the pool through participating insurers, subject to the approved terms and conditions.