The Insurance Authority and The Equestrian Authority Sign MoU to Strengthen Insurance Cooperation

The Insurance Authority and the Equestrian Authority have signed a Memorandum of Understanding (MoU) to regulate and activate areas of cooperation and to develop insurance products related to equestrian activities. The initiative aims to support the sustainability, growth, and expansion of the equestrian sector by providing specialized insurance programs that professionally address and manage the risks associated with equestrian sports.

 

The MoU seeks to assess the needs of the equestrian sector, analyze existing insurance gaps, and enhance current products to ensure coverage of risks linked to related activities, including personal accidents and public liability. It also includes exploring the development of new insurance products tailored to the sector's needs, drawing on studies and benchmarking against leading countries, facilitating data and information exchange, and strengthening institutional coordination between both parties.

 

The agreement is expected to contribute positively to the expansion and advancement of the equestrian sector by enhancing financial protection for horse owners and facilities, and by improving risk management efficiency across the sector.

 

The signing of the MoU aligns with the objectives of the National Insurance Sector Strategy, which focuses on fostering innovation in specialized products, increasing market maturity, and aligning with international best practices. This supports the development of a sustainable and effective insurance market that advances priority national sectors, enhances financial stability, and aligns with the goals of the Financial Sector Development Program and Vision 2030.​