Riyadh: Minister of Finance Mohammed Aljadaan expressed his thanks and appreciation to the wise leadership following the Cabinet's approval to establish the Saudi Marine War Risks Insurance Pool for Cargo and Hull.

According to Saudi Press Agency, the minister of finance stated that "The Saudi Pool represents a specialized national mechanism that enhances the insurance market's ability to deal with the risks of maritime warfare, and supports the continuity of trade and supply chains, through a partnership between the public and private sectors."

He pointed out that The Saudi Pool enhances the market's technical readiness and expands its capacity for related coverage, in accordance with the frameworks and regulations approved by Insurance Authority, thereby supporting the resilience of the national economy and the Kingdom's competitiveness as a global logistics hub.

The Saudi Reinsurance Company leads the arrangements for the pool under the supervision of the Insurance Authority and with the participation of insurance companies, and the insured benefit from it through the participating companies and in accordance with the approved terms and conditions.