Saudi health insurance sector grows by 21.4 percent

A recently publicized study by the Saudi Cooperative Insurance Company, covering 34 operating insurance firms in Saudi Arabia, revealed that despite the overall decline in the Saudi insurance sector in 1999, the health insurance division grew by 21.4 percent. The study, reported by Al-Watan newspaper, showed that the main reasons for the growth in health insurance were as follows: the operating insurance companies offered various medical and health insurance programs, large insurance companies entered the health insurance division and the public awareness regarding the importance of the health insurance rose noticeably.  

The study placed the health insurance division in the first position in Saudi Arabia in 1999 in terms of the value of subscribed insurance installments. The value of the health insurance installments hit SR 807.4 million during this year.  

The study positioned the car insurance division in the second place with SR 700.8 million in insurance installments. Additional insurance divisions were ranked in terms of the subscribed insurance installments as follows: fire insurance, marine insurance and engineering insurance. –(Albawaba-MEBG) 

© 2001 Mena Report (www.menareport.com)