News

The Equestrian Authority and the Insurance Authority Sign a Memorandum of Understanding to Enhance Insurance Cooperation in Equestrian Sports

The Equestrian Authority and the Insurance Authority have signed a Memorandum of Understanding (MoU) to organize and activate areas of joint cooperation and to develop insurance products related to equestrian activities. This initiative supports the sustainability, growth, and expansion of the equestrian sector by providing specialized insurance programs that professionally address and manage the risks associated with equestrian sports.

The MoU aims to assess the needs of the equestrian sector and analyze existing insurance gaps, as well as to enhance current products to cover risks related to equestrian activities, including personal accidents and public liability. It also explores the development of new insurance products that meet sector needs, leveraging studies and benchmarking against leading countries, exchanging data and information, and strengthening institutional coordination between the two entities.

The MoU is expected to contribute positively to the expansion and development of the equestrian sector by enhancing financial protection for horse owners and facilities, and by improving the efficiency of risk management across the sector.

The signing of the MoU aligns with the objectives of the National Insurance Sector Strategy, which focuses on stimulating innovation in specialized insurance products, raising market maturity, and aligning with international best practices. This supports the development of a sustainable and effective insurance market that serves priority national sectors, enhances financial stability, and aligns with the goals of the Financial Sector Development Program and Saudi Vision 2030.