Saudi Arabia – Decisions of “Health Council” affect investments
Thursday, 02 04 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
The decisions of the Council of Cooperative Health Insurance in Saudi Arabia to suspend the health insurance activities of some insurance companies affect negatively the investors in this key sector especially given that insurance companies in the country rely heavily on both health and motor insurance for their revenues.
In the last announcements of Saudi companies about the decisions of the Council of Cooperative Health Insurance, “Al Rajhi for Cooperative insurance” said yesterday that it received instructions from the Council to suspend health insurance activities as it did not meet the requirements.
“Al Rajhi for Cooperative insurance” added in a press release yesterday that “this suspension will prevent the company from issuing health insurance under the advanced system of cooperative health insurance with the exception of the amendments to inforce policies”.
Source: Asharq Al-Awsat