News Middle East17 Sep 2020

Saudi Arabia:Regulator okays event cancellation insurance products

| 17 Sep 2020

The Saudi Arabian Monetary Authority (SAMA) has approved a number of insurance products that cover cancellation of live events.

The new products were planned in coordination with the General Entertainment Authority in light of the expected growth in the number of live and entertainment events across the Kingdom, says SAMA in a statement.

The insurance coverage provided by these new plans protects against the risks of canceling, postponing, suspending, relocating events or not completing these activities, for reasons beyond the control of event organisers, such as weather conditions.

The move is part of SAMA’s efforts to develop the insurance market and offer diversified products that cater to clients’ needs.

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