Riyadh - Mubasher: Salama Cooperative Insurance Company, a prominent player in the Saudi Arabian insurance sector, has received final regulatory approval from the Insurance Authority to market and sell two specialized insurance products.
The approval, communicated via the regulator’s electronic platform on 23 June 2026, marks a significant expansion of the company’s mandatory insurance portfolio. The new offerings are specifically designed to cater to the growing influx of international visitors and long-term residents under the Kingdom’s evolving residency frameworks.
The disclosure issued by Salama Cooperative confirms that the Insurance Authority has authorized the commercial launch of the Tourist Insurance product and the Premium Residency Insurance product.
These approvals were formalized through official notifications numbered 9221 and 9222, respectively.
The regulatory green light allows the company to immediately begin the distribution and sale of these products within the Saudi market.
The first product, Tourist Insurance, is tailored for individual tourists visiting the Kingdom of Saudi Arabia. It has been assigned the identification number P-SALM-2-I-26-037. This product is categorized as a mandatory insurance line, aligning with national regulations that require visitors to maintain specific coverage during their stay.
By securing this approval, Salama positions itself to capture a share of the burgeoning tourism market, which remains a central pillar of the Kingdom’s Vision 2030 economic diversification strategy.
The second product, Premium Residency Insurance, is designed for both individuals and groups holding or applying for Premium Residency status in Saudi Arabia. This product carries the identification number P-SALM-2-B-26-038 and is also classified as a mandatory insurance requirement.
The Premium Residency program is a strategic initiative by the Saudi government to attract high-net-worth individuals, investors, and talented professionals, and Salama’s new product provides the essential insurance infrastructure required for these residents.
The receipt of these final approvals follows a rigorous review process by the Insurance Authority, the primary regulator for the Saudi insurance industry. The notifications were received by the company on 23 June 2026. These developments reflect the company's ongoing efforts to diversify its product suite and comply with the latest regulatory standards governing the Saudi financial services landscape.
The introduction of these products is expected to integrate into Salama’s broader operational strategy, focusing on mandatory insurance segments that offer stable demand profiles.
As the Kingdom continues to simplify visa processes and expand its residency options, the demand for compliant, regulated insurance products for non-nationals is anticipated to grow. Salama’s readiness to provide these services underscores its commitment to meeting the evolving needs of the Saudi market.
The company has not disclosed specific financial projections regarding the impact of these products on its annual revenue. However, the expansion into specialized tourist and residency insurance is a clear indicator of the company’s intent to leverage regulatory shifts to enhance its market position.
