Riyadh : The ingate Global Insurance Conference and Exhibition officially opened today, inaugurated by His Excellency Mr. Abdulaziz bin Hassan Al-Bouq, Chairman of the Board of Directors of the Insurance Authority, on behalf of His Excellency Mr. Mohammed bin Abdullah Al-Jadaan, Minister of Finance and Chairman of the Financial Sector Development Program Committee. This year’s theme is “A Step Towards the Future.”
In his opening remarks, Mr. Al-Bouq highlighted the significant transformations occurring within the insurance industry globally, driven by rapid technological, economic, and climatic changes. He noted that the timing of the ingate conference is crucial, as the global insurance market has surpassed eight trillion dollars, fueled by economic growth and heightened awareness of the importance of insurance.
He reported that the Saudi insurance market achieved over 17% growth in 2024, with insurance penetration reaching 2.6% of non-oil GDP, exceeding the G20 average. The market is expected to double by 2030, signifying the insurance industry’s vital role in promoting economic growth and financial stability, protecting communities, ensuring business sustainability, and supporting development and investment.
The first day of the conference features dialogue sessions with regulatory leaders, including Engineer Naji Al-Faisal Al-Tamimi, CEO of the Saudi Insurance Authority. These discussions will focus on fostering growth and sharing global insights to meet the local insurance sector’s aspirations.
Taking place at the Mayadeen Hall in Riyadh, the conference will run until November 12th, bringing together prominent figures from the insurance and reinsurance sectors, as well as technology and investment experts. This event underscores the Kingdom’s significant role in shaping the future of insurance on a global scale.
