KSA – Insurance contribution to economy 1.1%
Tuesday, 01 02 2018, Category: Insurance and Reinsurance, Country: Saudi Arabia
A study revealed that the average insurance spending per capita in KSA reached USD 264 (SAR 992), which represents only 30% of insurance spending per capita in the UAE and 6.6% of per capita spending in the USA, 4.8% of the UK level. It indicated that the contribution of the insurance sector to the Saudi economy is at 1.1% only whereas the international average is at 6% of GDP.
Moreover, the study prepared by Saudi university professors mentioned that “Vision 2030 focused on the health care of citizens and expatriates, adequate coverage, and treatment and prevention quality of care. Health care will rely on governmental companies, which will be later privatized. The beneficiaries base will be expanded and service will be offered quickly with shorter waiting periods. Therefore, this necessities the development of the insurance sector and health insurers in particular”.
Source: Al Watan