Riyadh – The Saudi Arabian Monetary Authority (SAMA) approved, in coordination with the General Entertainment Authority (GEA), a number of insurance products to cover risks associated with cancellation of live events in the Saudi insurance market.
The step comes due to the expected growth of live and entertainment events activity in the kingdom, according to a statement on Wednesday.
The new products will cover risks related to the cancellation, non-completion, postponement, halt, or change in location, of events as a result of uncontrollable reasons, such as weather conditions.
Moreover, the move comes in continuation of SAMA’s efforts to develop the insurance sector through diversification of products as per market needs and to keep pace with the developments taking place in all fields.
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