The Saudi Arabia Insurance Authority and Ministry of Culture signed a memorandum of understanding to expand insurance coverage for the cultural sector and strengthen protection for cultural assets. The agencies will assess sector needs and support the development of tailored insurance products. The agreement covers standards for service providers that value and restore cultural assets, alignment with insurers’ standards, criteria for insurers’ assessment of cultural assets, and the exchange of market data and expertise. It builds on the agencies’ previous launch of a cultural insurance product covering high-value assets and risks, including heritage buildings, artworks, third-party liabilities and business interruption.

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