Riyadh: Insurance Authority Chief Executive Naji Al Tamimi stressed that Saudi Arabia’s insurance market will undergo a major transitional phase with the pilot implementation of the Capital Regime in 2026 alongside the current regime, ahead of its full rollout in January 2027. He noted that the transformation will enhance the market’s ability to develop underwriting models, expand analytical capabilities, increase transparency, and boost investment attractiveness for both local and international institutions.

According to Saudi Press Agency, Al Tamimi said the Insurance Authority conducted simulations, testing, and workshops with market companies to ensure a smooth transition. He added that the upcoming new insurance law, currently being drafted and prepared for submission to the legislative authorities, represents a key regulatory milestone that will boost the legal and regulatory sustainability of the market in the coming years.

The authority chief made the remarks during his participation in a main panel session held as part of the ‘ingate’ Global Insurance Conference and Exhibition.

The ingate conference, organized by the Insurance Authority, is taking place from November 10 to 12 at Diriyah’s Mayadeen Venue in Riyadh. It is the largest insurance event of its kind in the Kingdom, featuring speakers from 150 countries.