Saudi Red Sea Authority Partners With Insurance Authority To Surging Coastal Tourism Safety

Thursday, October 31, 2024

The Saudi Red Sea Authority (SRSA) together with the Insurance Authority have inaugurated a partnership to introduce insurance solutions tailored to cover risks associated with coastal tourism activities. This initiative, facilitated by local insurers, is designed to boost the allure of coastal tourism and support activities such as boating, diving, and water sports. It also aims to augment local contributions consistent with the ambitions of Saudi Vision 2030.

The agreement, sealed by SRSA CEO Mr. Mohammed Al Nasser and Insurance Authority CEO Eng. Naji Al-Faisal Al-Tamimi, underscores SRSA’s commitment to nurturing navigational and marine tourism. This move promises to enhance the tourism experience, attract investments, and build foundational sector infrastructure.

On a parallel front, the Insurance Authority has pledged to drive sector advancement by partnering with governmental bodies to expand its scope through innovative insurance offerings that bolster investment security and sector growth.

Collaborative discussions between SRSA and various insurance providers have been pivotal in developing these insurance products. This collaborative approach is set to elevate the profile of activities such as sailing, kayaking, and surfing, catering to the enthusiasts’ needs.

Since its inception in 2021, SRSA has been instrumental in sculpting the framework of the coastal tourism sector by standardizing licensing, policy-making, and infrastructural development, while also focusing on environmental conservation, enabling SMEs, and enhancing navigational and marine tourism, all contributing significantly to the national economy.

The Insurance Authority, established on August 15, 2023, by Cabinet Resolution No. 85, plays a critical role in overseeing and advancing the Kingdom’s insurance sector. With legal autonomy and direct reporting to the Prime Minister, the Authority is dedicated to boosting insurance literacy, protecting stakeholders’ interests, ensuring financial stability, and upholding the integrity of insurance transactions.

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