Acting on behalf of Minister of Finance Mohammed Aljadaan, the Chairman of the Insurance Authority, Abdulaziz Al-Boug, commenced the Global Insurance Conference and Exhibition (ingate) today in Riyadh.
Al-Boug remarked that the insurance industry is currently undergoing substantial global shifts in response to technological disruption, climate-driven risk, and evolving economic conditions. He noted that the timing of ingate is significant, with the international insurance market now exceeding $8 trillion, strengthened by rising demand for comprehensive insurance solutions.
He added that the Saudi insurance sector recorded growth of more than 17% during 2024, with an insurance penetration rate of 2.6% of non-oil GDP — outperforming the G20 average — and reiterated the national aim to double the market’s scale by 2030. He underscored that insurance plays a foundational role in global economic stability, supporting individuals, businesses, and long-term development.
The programme on the opening day includes high-level discussions with regulatory representatives, among them Insurance Authority CEO Eng. Naji Al-Tamimi, focusing on strategies to enhance market expansion and adopt successful international practices that align with the Kingdom’s vision.
Taking place until November 12, ingate convenes leading figures from the insurance, reinsurance, technology, and investment arenas, emphasising Saudi Arabia’s growing influence in shaping international dialogue on the evolution of the insurance sector.
