Saudi health ins. market size at SAR 22 bln
Thursday, 05 06 2021, Category: Insurance and Reinsurance, Country: Saudi Arabia
The size of Saudi Arabia's health insurance market currently stands at about SAR 22 billion, according to Othman Al-Qasabi, Executive Director at the Council of Cooperative Health Insurance (CCHI).
Pharmaceuticals account for 20% of insurance firms' expenditures on services, he told CNBC Arabia.
The official added that work is ongoing to reduce these expenditures, through pharmaceuticals draft rules that seeks to set a mechanism for obtaining medicines by beneficiaries.
The royal decree on bearing the cost of treating COVID-19 patients led to nearly SAR 2 billion savings for insurance firms so far, Al-Qasabi stated.
Furthermore, the official indicated that CCHI has a strategy of becoming a leading global player in increasing protection and raising the quality and efficiency of services in the private healthcare and medical insurance segments. He noted that their strategy is based on five objectives, which includes more than 13 programs and 65 projects.