Rise in price of health insurance policy drives 3 Saudi companies to enter the insurance market.

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.

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