SAMA eyes raising insurance contribution to GDP, boosting individual savings

Logo of SAMA

The Saudi Central Bank (SAMA) said that the mechanisms that the bank is working on are aimed at increasing the contribution of the insurance sector to the GDP and stimulating savings among individuals, in addition to creating new job opportunities for citizens and raising their professional and technical skills.

The bank pays special attention and care to the insurance sector, as reported by Al Eqtisadiah Newspaper, indicating that it has and is still working on a number of development initiatives and structural reforms in order to develop the insurance sector in line with the goals of Vision 2030. 

SAMA also indicated that it is working diligently with the relevant authorities to overcome all challenges to increase the percentage of health insurance coverage, vehicle insurance, and other types of insurance. 

Meanwhile, SAMA seeks to raise the level of fairness and efficiency of pricing, as the unified document for compulsory vehicle insurance has been updated, and insurance companies are obligated to grant discounts of up to 60% to vehicle owners with zero claims.