IA, SRSA to launch 1st coastal tourism insurance product

The signing of the agreement

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

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

The launch of these insurance products aligns with SRSA's mandate to promote navigational and marine tourism, providing a comprehensive tourism experience and establishing a model infrastructure that attracts investment in the sector.

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