Three Saudi companies in insurance sector look for applying to have approval on
having health insurance policy in the next few days as a result of rise in
price of them in the last 6 months by 20-30%.
Insurance companies experiment the best year in 8 successive years as rise in
price of insurance policies in vehicles , property and health insurance made
most of them make profits for the first time since 2014.
Fahd Al Mashary (economical and financial expert) said that these companies
will make variation in their services looking for bigger competition as the
Saudi market experiments growth in population and economy these days.
Dr. Mohammed ben Ali Al Hiazaa Saudi Minister of Health Chairman of Cooperative
Health Insurance Council in the country headed meeting of the Council of
Cooperative Health Insurance, in the headquarters of the General Secretariat of
the Council in Riyadh on last Wednesday.
This meeting aimed for the evaluation of both the health insurance market and
the performance of the council , Dr. Abdullah ben Ibrahim Al Sharif Secretary
General of the Council of Cooperative Health Insurance discussed a full report
about the performance of the Saudi health insurance market and the council.
Members
of the council discussed the agenda of the council also the adoption of the
financial budget for the year 2015.
The budget included the development of the organizational structure with new
department to ensure the most efficient production and the best usage of human
resources also it included expenses for
the new headquarters of the Secretariat with a capacity of 3 times the old
building.
Cooperative Health Insurance Council checked the steps that have been taken to
activate the council of ministers decision to make all applicants for a visa to
the Saudi kingdom for a visit or for traffic, providing a valid insurance
certificate within the Kingdom except for the pilgrims and Umrah and arrivals
for the purpose of treatment, and the holders of diplomatic and special
passports and regular visitors to the international organizations as diplomatic
and guests of the state.
These new decisions coincide with the raise in the health insurance policy by
Saudi insurance companies after the new policy activated as the new policy
raised the health insurance level from 250000 riyals (66.6 thousand $) to
500000 riyals (133.3 thousand $) according to information presented by a senior
official in one of the Saudi insurance companies refused to tell his name.
According to the latest statistics held in 2013 health insurance controls 53%
of Saudi insurance market while vehicles insurance controls 23% of the market.