Riyadh: The Saudi Red Sea Authority (SRSA) and the Saudi Insurance Authority have signed a cooperation agreement to launch insurance products that cover risks associated with all coastal tourism activities through local insurance companies.

This initiative aims to boost the appeal of coastal tourism, attract participants in navigational and marine tourism, and strengthen local content in alignment with Saudi Vision 2030.

The agreement was signed by SRSA CEO Mohammed Al Nasser and CEO of the Insurance Authority Eng. Naji Al-Faisal Al-Tamimi.

The launch of these insurance products aligns with SRSA’s mission to encourage and promote navigational and marine tourism, ensuring a comprehensive tourism experience and creating a model infrastructure that attracts sector investment.

The Insurance Authority, likewise, is committed to fostering industry growth by coordinating with government entities to enhance its activities through a range of innovative insurance products that protect and stimulate investment growth.

In partnership with the Insurance Authority, SRSA held a series of meetings with insurance companies to develop these products, making navigational and marine tourism—such as sailing, kayaking, water skiing, diving, boating, and surfing—more appealing and meeting the needs of enthusiasts.

SRSA, established in 2021, is focused on building and regulating the coastal tourism sector by integrating relevant entities, issuing licenses and permits, developing policies and strategies, determining infrastructure needs, preserving the marine environment, supporting SMEs, and promoting navigational and marine tourism, thereby adding value to the national economy.

The Insurance Authority, founded by Cabinet Resolution No. 85 on August 15, 2023, is tasked with organizing, stabilizing, and advancing the Kingdom's insurance sector. With legal personality and financial and administrative independence, it operates under the organizational affiliation of the Prime Minister, dedicated to enhancing insurance awareness, safeguarding insured and beneficiary rights, contributing to financial stability, and upholding principles in insurance contractual relationships.