ISTANBUL

The Global Insurance Conference and Exhibition (ingate) commenced in the capital Riyadh on Monday to accelerate the development of the insurance industry.

The two-day event, bringing together international regulatory bodies, insurance and reinsurance companies, investors, and technology pioneers, aimed to transform ideas and visions into practical initiatives that enhance innovation, expand the market, and support a path of sustainable growth, according to a press release on Tuesday.

Organized under the patronage of Saudi Finance Minister Mohammed Al Jadaan, the event hosts local and international speakers to handle several issues from market confidence to innovation and digital transformation.

Chairman of Saudi Insurance Authority Abdulaziz Al-Boug also participated to the event on Monday.

In his opening remarks, Al-Boug said the insurance industry is undergoing global transformations driven by rapid technological, economic, and climate developments.

He stressed that ingate is at a defining moment, as the global insurance market exceeds $8 trillion, propelled by global economic growth and rising awareness of the importance of insurance protection.

The chairman added that the Saudi insurance market recorded growth exceeding 17% in 2024, with an insurance penetration rate of 2.6% of non-oil GDP, surpassing the G20 average, and aims to double its size by 2030.

Al-Boug highlighted the role of the insurance industry as one of the main pillars of economic growth and financial stability worldwide, as it protects individuals and communities, ensures business continuity, and supports development and investment.

The first day of the conference featured panel discussions with regulatory leaders, including Insurance Authority CEO Naji Al-Tamimi, focusing on driving growth and sharing global lessons to realize the ambitions of the Saudi insurance sector.