Arab News, Sat, Jan 06, 2024 | Jamada Al-Aakhirah 24, 1445
Saudi health insurance sector eyes 25m beneficiaries by 2030: report
Saudi Arabia:
Health insurance companies in Saudi Arabia
are looking to extend their coverage to 25 million beneficiaries by 2030, a
report has revealed.
The industry has experienced substantial growth in
recent years, primarily driven by mandatory medical coverage for private sector
employees and their dependents, according to the Council of Health Insurance.
By the end of 2022, the number of beneficiaries
had surged by 18 percent, reaching 11.5 million.
Furthermore, it is anticipated that the
contribution of health insurance to the gross domestic product will reach SR61
billion ($16.47 billion) in 2030, accounting for approximately 2 percent of the
total GDP.
The council recently launched the first phase of
the National Platform for Health and Insurance Exchange Services, also known as
NPHIES.
This initiative aims to enhance the quality of
medical coverage services, govern claims procedures and financial transactions,
secure the exchange of insurance operation information, create a unified health
record for policyholders, and reduce the cost and processing time of approval
procedures.
This is to be achieved through electronic
integration for all financial transactions between medical coverage companies
and healthcare service providers.