New Saudi health insurance scheme to fetch SR30 billion
Following a decision to make health insurance mandatory for all expatriates working in Saudi Arabia last June, an estimated 13 health insurance firms are to receive a license for operating in the Kingdom.
“Owners of insurance companies that have applied for the license are awaiting a Cabinet decision on the matter within a short period,” stated Mousa Al-Rubaiaan, chairman of the National Insurance Committee, an affiliate of the Council of Saudi Chambers of Commerce and Industry according to Arab News.
The co-operative health insurance scheme is expected to fetch SR30 billion (US$8 billion) in investment, maintained an economic report issued by National Commercial Bank (NCB).
Some seven million expatriates in the Kingdom would come under the cooperative health insurance scheme by the end of this year according Saudi Health Minister Dr.Hamad Al- Manie.
The license issuance will occur following the return of files by the Council of Ministers to the Saudi Arabian Monetary Agency (SAMA) to complete legal procedures.