Saudi Arabia introduces cultural asset insurance programme

In a significant move to protect its rich cultural heritage, the Kingdom of Saudi Arabia (KSA) has introduced a new insurance programme for heritage buildings and artworks, Saudi Gazette reported on Monday, April 29.

According to the reports, the initiative, announced by the Ministry of Culture and the Insurance Authority, aims to provide comprehensive coverage for the country’s invaluable cultural assets, ensuring their preservation and safeguarding.

Minister of Culture Prince Badr Bin Abdullah Bin Farhan emphasised the importance of this project, stating, “The government is committed to preserving our nation’s cultural treasures for generations to come. This insurance programme is a crucial step in that direction.”

Furthermore, the new insurance solutions will cover a wide range of cultural assets, including historical buildings, museums, galleries, and private art collections. This comprehensive approach will provide owners and custodians with the necessary financial protection against potential risks, such as natural disasters, theft, and damage.

By providing a safety net for these invaluable assets, the Kingdom is taking a proactive step in ensuring the long-term protection and appreciation of its cultural heritage