Saudi Arabia Approves Marine War-Risk Insurance Pool

Saudi Arabia's Cabinet has given the green light for the establishment of a national insurance pool designed to cover war risks associated with cargo and vessels. This initiative is aimed at bolstering the marine insurance capacity of the country and ensuring the continuity of trade and supply chains. Finance Minister Mohammed Al-Jadaan highlighted that the pool will provide a specialized national mechanism to assist the insurance market in managing maritime risks through a public-private partnership. He further stated that this initiative would enhance the technical readiness of the market and expand its capacity to offer relevant insurance coverage within the frameworks and regulations set by the Insurance Authority. The pool is also anticipated to bolster the resilience of the national economy and enhance Saudi Arabia's standing as a global logistics hub. The Saudi Reinsurance Company is set to lead the pool's arrangements under the supervision of the Insurance Authority, with participation from various insurance companies. Policyholders will be able to access the benefits of the pool through participating insurers, adhering to the approved terms and conditions.