On behalf of Minister of Finance and Chairman of the Financial Sector Development Program Committee Mohammed Aljadaan, the Chairman of the Insurance Authority, Abdulaziz Al-Boug, officially opened the Global Insurance Conference and Exhibition (ingate) in Riyadh today.
In his opening address, Al-Boug stated that the global insurance sector is experiencing rapid and significant change, influenced by technological innovation, shifting economic conditions, and climate-related challenges. He highlighted that the timing of ingate is especially important as the international insurance market now surpasses $8 trillion in value, supported by continued economic expansion and growing understanding of the need for insurance coverage.
Al-Boug noted that the Saudi insurance market achieved growth of more than 17% in 2024, with the insurance penetration rate reaching 2.6% of non-oil GDP — a figure higher than the G20 average. He confirmed that the market aims to double in size by 2030. He also emphasised the sector’s essential role in safeguarding individuals, supporting businesses, promoting investment, and reinforcing global financial stability.
The opening day features discussions with sector regulators, including Insurance Authority CEO Eng. Naji Al-Tamimi, examining strategies for accelerating market development and applying international best practices to support Saudi Arabia’s insurance ambitions.
Running until November 12, the conference brings together senior figures from insurance, reinsurance, technology, and investment sectors, underscoring the Kingdom’s growing leadership in shaping the future direction of the global insurance landscape.