Saudi Arabia – Requests to decrease the price of individual health Insurance
Friday, 10 07 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
Health insurance sector experts requested insurance companies to decrease the prices of contributions for individuals. They revealed that there are large price differences among health insurance contracts for Saudis, residents and domestic workers. One of the reasons for such differences is the fake health insurance phenomenon.
The insurance expert Suleiman Bin Mayouf said that the price differences in individual health insurance between Saudis, residents, and domestic workers result from the insurance limit of every insurance card according to the choice of the customer revealing that some insurance companies charge higher prices to individuals who want to buy individual insurance as they do not want to expand this line of business and want to focus instead on groups.
Al Mayouf confirmed that insurance prices on individuals in KSA are the highest in the Gulf whereas group prices are the lowest in the Gulf and in the world as well. He also indicated that the prices of health insurance contracts are low for individuals, residents and domestic workers compared to individual insurance, which is expensive.
Source: Al Riyadh