Insurance Authority Fosters National Talent

The Insurance Authority (IA) is reinforcing its commitment to developing the sector and enhancing its capabilities by hosting the "Lloyd's Training Camp" in Riyadh. The event was held under the patronage of the Chairman of the IA Board of Directors, Abdulaziz bin Hassan Al-Bouq, and was attended by the British Ambassador to the Kingdom, Mr. Stephen Hitchen, the CEO of the Authority, Engineer Naji Al-Faisal Al-Tamimi, alongside senior leaders from the insurance sector and a high-level delegation from Lloyd's Academy.

Organized in partnership with the Lloyd's Academy—one of the world's most historic insurance markets, with over 300 years of experience—the camp saw the participation of more than 95 specialists from insurance companies. A series of specialized sessions aimed to deepen expertise in critical areas such as insurance underwriting, brokerage, claims management, and litigation, as well as in niche specializations including marine, energy, accident, and construction insurance. The camp provided a unique platform for direct interaction with international experts and the exchange of global practical experience.

The CEO of the IA, Engineer Naji Al-Faisal Al-Tamimi, emphasized that the camp is part of the Authority's initiatives to elevate the professional standards of national talent, connect them with global expertise, and prepare them to navigate the insurance market's rapid changes. He highlighted the progress in the sector's Saudization rates, which have reached 85% of the total insurance workforce in 2024.

"The Authority is moving forward with empowering the insurance sector by developing and qualifying its human resources," he added. "This is in line with our strategic direction to raise the level of professional practices and human capabilities, achieving sustainable growth and enhancing the insurance industry's contribution to economic and social development, in harmony with the objectives of Saudi Vision 2030."

The establishment of the Insurance Authority itself was a pivotal step under the programs of Saudi Vision 2030, designed to develop the largest insurance market in the Middle East. The SIA serves as the regulatory body overseeing and supervising the insurance sector, aiming to boost its contribution to the Gross Domestic Product (GDP), create jobs, encourage local and foreign investment, and comprehensively address systemic challenges.

The insurance sector is vital for stabilizing economic activity, as it protects projects from catastrophic losses resulting from disasters or unforeseen accidents, thereby ensuring business continuity and stability. It also enhances public safety through the requirements set by insurance companies for implementing safety standards in buildings and warehouses.

The Insuran Authoritu seeks to unify regulatory and supervisory bodies and keep pace with global technological advancements in the industry. This effort helps attract global investment firms and improves the Kingdom's standing in global financial insurance indicators.

The Lloyd's Camp is a practical step that embodies the IA's strategic direction toward building national competencies capable of leading a dynamic and stable insurance sector. This sector is set to play a central role in achieving the goals of Vision 2030 and driving the Kingdom's economic and social development forward