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 Global Insurance Conference Exhibition ingate, Al-Boug said the Kingdom aims to double insurance premiums by 2030.
He added that the authority 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.
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 Global Insurance Conference Exhibition ingate, Al-Boug said the Kingdom aims to double insurance premiums by 2030.
He added that the authority 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.
