Saudi Insurance Authority nods for GIG’s new tourism product
GIG
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Riyadh - Mubasher: Gulf Insurance Group (GIG), a major participant in the Saudi Arabian insurance sector, has officially received final regulatory clearance from the Insurance Authority to launch its latest specialized offering.
The approval pertains to the company’s "Tourist Insurance" product, which is specifically designed to serve group clients within the Kingdom of Saudi Arabia.
This regulatory milestone allows the company to expand its commercial footprint in the travel insurance segment, catering to the specific needs of organized groups and institutional clients.
In a formal disclosure submitted to the Saudi Exchange (Tadawul), GIG confirmed that it received the final authorization from the Insurance Authority on 25 June 2026.
The notification was delivered to the company via official electronic correspondence, marking the completion of the regulatory review process for this specific insurance line.
The newly approved product, titled "Tourist Insurance," has been registered under the official identification number P-GIGR-2-I-26-056. This identification code serves as the formal reference for the product within the Kingdom’s regulatory framework, ensuring that the offering adheres to the standardized requirements for transparency, consumer protection, and risk management as dictated by the Insurance Authority.
The scope of this approval is focused on group clients, a segment that typically encompasses travel agencies, corporate entities, tour operators, and other organizations responsible for managing the insurance needs of multiple individuals simultaneously.
By securing the right to sell this product to groups, Gulf Insurance Group is positioned to provide streamlined coverage solutions for the increasing number of visitors entering the Kingdom.
The product is expected to offer comprehensive protection tailored to the risks associated with tourism and travel, aligned with the operational standards of the Saudi insurance market.
The Insurance Authority’s mandate involves a rigorous assessment of insurance products to ensure they are actuarially sound and provide fair value to policyholders.
Consequently, the granting of the final approval signifies that GIG’s "Tourist Insurance" has met all necessary technical and legal criteria established by the regulator.
This development reflects the ongoing efforts of GIG to diversify its product portfolio and respond to the evolving demands of the Saudi market.
As the Kingdom continues to develop its tourism infrastructure and attract international visitors, the demand for specialized insurance products for group travelers has become more prominent.
GIG’s successful acquisition of this approval demonstrates the company’s readiness to support this sector through regulated and approved financial instruments.
The company has indicated that the approval is effective immediately as of the date of the notification. With the identification number now active, GIG is authorized to engage in the marketing, sale, and administration of the "Tourist Insurance" product for its target group clientele across Saudi Arabia. This move is expected to strengthen the company’s competitive position in the general insurance market, specifically within the niche of travel-related financial services.
Source: Mubasher Source: {{details.article.source}}