Ministry of Culture and the Insurance Authority launched the Cultural Insurance product

The "Cultural Insurance" product was introduced by the Ministry of Culture and the Insurance Authority to assist owners of artwork and cultural assets in the Kingdom with property and artifact insurance and protection. It also provides the prerequisites needed to keep them up to date. In the case of an accident resulting in the loss or damage of these cultural assets, this will help secure financial coverage that is commensurate with the extent of the harm and the asset's fair value. 

There are two primary items within the cultural insurance category: 

The first is reserved for historically significant structures that are categorized as archeological, heritage, or historical. It offers insurance coverage appropriate to the unique factors of these structures, taking into account their assessment, restoration, and range of risks covered by this kind of asset. 

Regarding the second product, it provides insurance coverage commensurate with the high value of these assets and the requirements for handling them, such as storage, display, and shipping. It covers artworks that represent a variety of assets and cultural activities, such as works of art, exhibitions, antiques, valuable collectibles, and others.

One result of an integrated project undertaken by the Ministry of Culture in collaboration with the Insurance Authority was a study of risks associated with historical assets and heritage. This project included cultural insurance. This is intended to monitor and assess the risks associated with different types of heritage assets, create suitable mechanisms and tools to manage these risks, and create insurance products that contribute to the creation of a suitable environment for the protection and prosperity of heritage asset activity. It also aims to provide suitable insurance solutions to support cultural activities both domestically and abroad.

Under the auspices of the Kingdom's Vision 2030, cultural insurance is also a part of the Insurance Authority's endeavors to create insurance products that stay up to date with the most recent advancements and to offer helpful resources that are consistent with the Kingdom's economic progress.