Saudi Arabia to establish war risk insurance fund

The Saudi Council of Ministers has approved the establishment of a fund to insure war risks for goods and ships, with the aim of enhancing the insurance market's capacity to handle maritime risks and supporting the continuity of trade and supply chains. The Saudi Reinsurance Company will manage the arrangements of the fund under the supervision of the Insurance Authority, in collaboration with insurance companies, to improve technical readiness and increase coverage capacity. This initiative aims to strengthen the resilience of the national economy and elevate the Kingdom's position as a global logistics hub. Insured parties will benefit from this fund in accordance with the approved terms and conditions, thereby boosting competitiveness and preparedness for war risks in the maritime sector.

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