The Saudi Red Sea Authority and the Insurance Authority have signed a cooperation agreement to launch insurance products covering risks associated with all coastal tourism activities through local insurance companies.

This effort aims to enhance the appeal of coastal tourism, attract practitioners of navigational and marine tourism activities, and strengthen local content in line with the goals of Saudi Vision 2030.

The deal was signed by Mr. Mohammed Al Nasser, CEO of SRSA, and Eng. Naji Al-Faisal Al-Tamimi, CEO of the Insurance Authority.

The launch of these insurance products aligns with SRSA’s mandates to encourage and promote navigational and marine tourism, ensuring a comprehensive tourism experience and establishing a model infrastructure that attracts investment in the sector.

Similarly, the Insurance Authority is committed to fostering industry growth and development by coordinating with other government entities to enhance its assigned activities through a diverse range of innovative insurance products that protect and stimulate investment growth.

In partnership with the Insurance Authority, SRSA held a series of meetings with insurance companies to develop these insurance products, enhancing the appeal of navigational and marine tourism activities, including sailing, kayaking, water skiing, diving, boating, and surfing, to meet the needs of practitioners.

Noting that SRSA began its journey toward building and regulating the coastal tourism sector in 2021, with the objective of enhancing integration between the relevant entities by issuing licenses and permits, developing the necessary policies and strategies, determining infrastructure requirements, preserving the marine environment, enabling SMEs, and promoting navigational and marine tourism activities, which will reflect as an added value to the national economy.

For its part, the Insurance Authority, established by Cabinet Resolution No. 85 on August 15, 2023, is tasked with organizing, stabilizing, and developing the Kingdom’s insurance sector. It supervises and regulates the sector, benefiting from legal personality, financial and administrative independence, and an organizational affiliation with the Prime Minister. The Authority is dedicated to enhancing insurance awareness, safeguarding the rights of the insured and beneficiaries, contributing to financial stability, and strengthening the principles underlying insurance contractual relationships.