Saudi Arabia – Health insurance pricing according to market
Thursday, 02 16 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
The official spokesman of the Council of Cooperative Health Insurance Mr. Yasir Al-Maarik said that the determination of health insurance prices is made according to the rules of supply and demand in the market confirming that the council will monitor any negative practices, which can harm the rights of the insured such as raising health insurance prices unjustifiably.
Moreover, Mr. Al-Maarik clarified that the council issued executive guidelines for insurance companies when they set health insurance prices. Prices have to be in line with the average prices of the health insurance market. The value of the contract has to be technically justified and should focus on objective standards and should not be below the true cost of the contract including related costs. Additionally, a health insurance company cannot rely only on the prices applied by other insurance companies.
Source: Al Riyadh