Arab News, Wednesday, Aug 02, 2023 | Muharram 15, 1445
Saudi health insurance set to cover 90% of population this year, says industry regulator
Saudi Arabia:
The number of Saudis signing up to health insurance schemes hit 11.46
million in the second quarter of 2023, up 5 percent on the same period last
year, according to the latest figures.
The Council of Health Insurance’s quarterly
bulletin showed the volume of beneficiaries is expected to reach 90 percent of
people this year, up from 73 percent in 2021 and 85 percent in 2022, reported
the industry regulator’s spokesperson Nasser Al-Juhani.
Higher growth is set to be driven by robust
tourism and an inflow of pilgrims and Umrah performers, Al-Juhani said in an
interview with Al-Ekhbariya TV channel on Monday.
The spokesman highlighted that digital
transformation is central to the changeover in Saudi Arabia’s medical aid,
exemplified by implementation of the National Platform for Healthcare
Information Exchange Services.
Launched in April 2022, the platform is designed
to unify patient care records for healthcare providers and optimize insurance
services.
Al-Juhani noted that the number of transactions on
the platform has reached around 150 million since its initiation.
The insurance sector witnessed a 26.9 percent
growth in 2022 compared to a rise of 8.4 percent in 2021, reflecting the
Kingdom’s efforts toward developing the industry.
The total written premium in 2022 stood at SR53
billion ($14.1 billion), up from SR42 billion the year prior, according to the
16th annual report on the insurance market released by the Saudi Central Bank,
also known as SAMA, in May.
At the forefront of the sector’s development were
health insurance, protection and savings insurance and motor insurance, reported
the bank.
Health insurance, which is still the largest line
of business, witnessed a growth rate of 26.8 percent. On the other hand,
protection and saving insurance, the smallest line of business, fell from 4.1
percent in 2021 to 3.5 percent last year.
The industry’s positive trend showcases SAMA’s
efforts to improve the sector’s efficiency and economic impact through major
regulatory developments throughout the year.