Saudi Arabia is making waves in the tourism industry with the launch of a new insurance product designed to protect coastal tourism activities. The Saudi Red Sea Authority (SRSA) and the Insurance Authority have teamed up to launch insurance products covering risks in coastal tourism. These products, available through local insurance companies, aim to attract visitors to Saudi Arabia’s coastlines.
Boosting Coastal Tourism Under Vision 2030
This initiative aligns with Vision 2030’s goals to strengthen local content and attract tourism investments. SRSA aims to provide a comprehensive tourism experience that includes marine and navigational activities like sailing, diving and surfing.
Supporting Coastal Tourism and Industry Growth
The Insurance Authority is committed to supporting industry growth by coordinating with government entities. Through innovative insurance products, it aims to protect investments and enhance coastal tourism offerings. SRSA held meetings with insurance companies to tailor these products for activities like sailing, kayaking, and water skiing.
Regulating Marine Tourism for Economic Value
SRSA began organizing the coastal tourism sector in 2021, issuing licenses, developing policies, and promoting navigational tourism. These efforts support SMEs, preserve marine environments, and boost the economy.
The Insurance Authority, established by Cabinet Resolution No. 85 in August 2023, aims to strengthen Saudi Arabia’s insurance sector’s stability. It actively promotes public awareness of insurance and aims to protect policyholders’ rights across the country. This authority also contributes to financial stability, providing a reliable foundation for Saudi Arabia’s expanding tourism industry.
