Saudi govt seeks higher insurance coverage
Thursday, 05 10 2018, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi government-sponsored, Financial Sector Development Program 2020, seeks to increase automobile and health insurance coverage in the kingdom, and to increase regulatory controls.
The Council of Economic and Development Affairs (CEDA) approved on Wednesday, the Financial Sector Development Program as part of Vision 2030.
The blueprint seeks to increase the depth of local insurance market (gross written premiums /non-oil GDP) to 3.2 percent, and raise auto insurance coverage to 75 percent and health insurance to 45 percent by 2020.
The document stressed the need for a more stringent regulatory supervision over the sector.