Saudi Arabia – Coverage for individuals declined
Friday, 01 27 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
Insurance companies declined to renew coverage for individuals who are not related to commercial companies as they suspect that they cannot pay the cost. Therefore, it posed as a condition that the minimum number of insured should be 25 employees for every company. The affected individuals who were not able to renew their contracts filed a complaint at the council of cooperative health insurance, which allocated an electronic facility to receive proposals and complaints.
The vice-chairman of one of the insurance companies (who chose to remain anonymous) told “Al Hayat” that “the cost of insuring individuals is very high and we did not interrupt for many years. However, with the beginning of the current year, we decided not to renew any policy that covers a family or an individual and to offer insurance exclusively to companies and enterprises because we suffered from losses during year 2016”.
Source: Al Hayat