Fsdp Quarterly Newsletter Q3 2024 Vf · Page 10

 
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Saudi Red Sea Authority and Insurance Authority 
Agreement results in Saudi Arabia's First Coastal 
Tourism Activities Insurance National Product 
The Saudi Red Sea Authority (SRSA)and the Insurance 
Authority have signed a cooperation agreement that 
resulted in the launch of the first national insurance 
product for all coastal tourism activities through local 
insurance companies, without the need for external 
parties to provide services for such activities. This 
initiative aims to enhance the appeal of coastal tourism, 
attract participants in navigational and marine tourism 
activities, and strengthen local content in alignment with 
Saudi Vision 2030. 
The agreement was formally signed by SRSA CEO 
Mohammed Al Nasser and Insurance Authority CEO Eng. 
Naji Al-Faisal Al-Tamimi.  
Providing an innovative national product for the first time 
in Saudi Arabia comes as part of the Authority’s mandate 
to encourage and market the practice of navigational and 
marine 
tourism 
activities, 
thereby 
providing 
a 
comprehensive tourism experience, and establishing a 
model tourism infrastructure that can achieve an 
attractive environment for investment in the coastal 
tourism sector.  
The Insurance Authority seeks to drive this industry 
towards growth and development through cooperation 
and unification of efforts with other government entities 
and contribute to enhancing the practice of its mandated 
activities by providing various and innovative insurance 
products that contribute to protecting and growing 
investments. 
In partnership with the Insurance Authority, SRSA held a 
series of meetings with insurance companies, which 
resulted in providing an innovative national product for 
the first time in the Saudi Arabia, which contributes to 
enhancing 
the 
attractiveness 
of 
coastal 
tourism 
activities. 
The insurance products included Saudi Arabia's coastal 
tourism activities _including sailing, kayaking, water 
skiing, diving, boating, and surfing— to better serve 
practitioners' needs. 
Noting that SRSA began its journey toward building and 
regulating coastal tourism in the Red Sea in 2021, with 
the objective of enhancing integration among relevant 
entities by issuing licenses and permits, developing the 
necessary policies, strategies and plans, in addition to 
enhancing infrastructure requirements and needs, 
preserving the marine environment, and encouraging 
investment, 
including 
small 
and 
medium-sized 
enterprises (SMEs) and promoting navigational and 
marine tourism activities, thereby adding value to the 
national economy. 
The Saudi Insurance Authority announced the
approval of the insurance product for television and 
animation production for Walaa Company, which is 
offered to group customers 
In accordance with the insurance product accreditation 
standards established by the Authority, the Saudi 
Insurance Authority announced the accreditation of an
insurance product specifically designed for television and 
film production, offered by Walaa Cooperative Insurance 
Company to group customers. This product is identified 
by the number (F-WALA-1-C-24-096).  
This step aligns with the Authority's commitment to 
promoting insurance culture and raising awareness of the 
wide range of insurance products available in the 
Kingdom. Furthermore, it reflects the Authority's role in 
supporting and empowering the insurance sector, 
fostering innovation in insurance offerings, and ensuring 
that these vital se