Fsdp Quarterly Newsletter Q4 2024 · Page 9

 
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The Licensing of Childers Dar Musa Company to 
Conduct Actuarial Services 
The Insurance Authority announced the final licensing of 
Childers Dar Musa Company to conduct actuarial services. 
This step aligns with the Authority's role in supporting and 
empowering the insurance sector, as it is the body 
responsible for supervising and enhancing the sector 
effectiveness through enhancing the role of actuarial 
services including risk assessment, services pricing, 
liabilities assessment and reserving. Furthermore, it 
allows expertise exchange and diversifies the investor 
base, contributing to the sector's sustainability and 
stability. 
“Moody’s Ratings” Upgrades its Credit Rating of the 
Kingdom of Saudi Arabia to “Aa3” with “stable” 
Outlook 
The credit rating agency "Moody's Ratings" has upgraded 
the Kingdom of Saudi Arabia's credit rating at “Aa3" in 
local and foreign currency with a “stable" outlook. 
The agency indicated in its report that this rating upgrade 
with a stable outlook is a result of the Kingdom's ongoing 
progress in economic diversification and the robust 
growth of its non-oil sector. Over time, these 
advancements are expected to reduce Saudi Arabia's 
exposure to oil market developments and long-term 
carbon transition on its economy and public finances. 
The agency also commended the Kingdom's financial 
planning within the fiscal space, emphasizing its 
commitment to prioritizing expenditure and enhancing 
spending efficiency. Additionally, the government's 
ongoing efforts to utilize the available fiscal resources to 
diversify the economic base through transformative 
spending, were highlighted as instrumental in supporting 
the sustainable development of the Kingdom's non-oil 
economy and maintaining a strong fiscal position. In its 
report, the agency noted that this planning and 
commitment underpin its projection of a relatively stable 
fiscal deficit, which could range between 2%-3% of Gross 
Domestic Product (GDP). 
Moody's has expected that the non-oil private sector GDP 
of Saudi Arabia will expand by 4-5% in the coming years, 
positioning it among the highest in the Gulf Cooperation 
Council (GCC) region, an indication of continued progress 
in the diversification efforts reducing the Kingdom's 
exposure to oil market developments. 
It is worth noting that during current and previous years, 
the Kingdom has achieved multiple credit rating upgrades 
from global rating agencies. These advancements reflect 
the 
Kingdom's 
ongoing 
efforts 
toward 
economic 
transformation, supported by structural reforms and the 
adoption of fiscal policies that promote financial 
sustainability, enhance financial planning efficiency, and 
reinforce the Kingdom's strong and resilient fiscal 
position. 
The Automation of Several Services for Motor Insurance
and Traffic Accident Tracking  
In a pioneering step towards the future, the Insurance 
Authority announces the automation of several motor 
insurance services and traffic accident follow-ups, as part
of its ongoing efforts to improve the experience of 
beneficiaries of the insurance sector, which in turn will 
contribute to enhancing efficiency in the services 
provided by the sector. This project launched by Najm 
comes in the context of the Authority’s keenness to
develop the insurance sector keeping pace with 
technological progress while making it easier for 
beneficiaries and achieving the goals of Vision 2030 in 
digital transformation. 
The Licens