The Saudi Ministry of Culture has recently introduced the “Cultural Insurance Product” to protect cultural assets from potential physical damage. This product aims to increase awareness about the importance of preserving cultural heritage, support the economy, and promote collaboration among various sectors. Eng. Mustafa Yanbuawi, Director General of Risks and Compliance at the Ministry of Culture, highlighted the significance of understanding opportunities and risks in the cultural insurance market. The ministry has started with two products: heritage buildings and artworks, with plans to introduce more insurance products for the cultural sector in the future.
The cultural insurance product provides protection for cultural assets such as heritage buildings and artworks, safeguarding them from physical damage caused by accidents, operational risks, construction risks, and natural disasters. This helps ensure the preservation of authenticity and identity while promoting sustainability. Eng. Ahmed Al-Qaseer, Director General of Supervision at the Insurance Authority, expressed confidence that these initiatives will enhance Saudi Arabia’s position as a promising market for the insurance sector globally, contributing to sustainable economic growth.
The launch of the cultural insurance product in Saudi Arabia is considered a groundbreaking step in protecting cultural heritage. This product offers comprehensive protection for cultural and heritage works, enhances their sustainability, and preserves their historical and artistic value. During a conference on cultural insurance, several agreements were signed between the Ministry of Culture and various parties to activate the cultural insurance product. The first agreement was with the Cooperative Insurance Company, focusing on the special nature of heritage buildings.
The conference included panel discussions on securing heritage buildings, featuring experts from the architectural engineering, asset valuation, insurance brokerage, and cultural heritage sectors. The Ministry’s initiative to launch the “Cultural Insurance” product is part of its efforts to protect cultural assets in all forms, ensure stability for the cultural economy, create a safe investment environment, mitigate financial losses, and promote adherence to best practices. By offering insurance coverage for heritage buildings and artworks, the Ministry aims to raise awareness about the importance of preserving Saudi Arabia’s cultural heritage and support the growth of the cultural sector.
