Saudi insurance sector targets 25 million beneficiaries by 2030 – Saudi Gazette

Saudi insurance sector targets 25 million beneficiaries by 2030 – Saudi Gazette

Saudi Gazette reportRIYADH — The number of Saudi health insurance beneficiaries recorded a growth of 18 percent, reaching 11.5 million beneficiaries by the end of the year 2022.According to a report of the Saudi Council of Health Insurance, released on Thursday, the insurance sector aims to reach 25 million beneficiaries by 2030, as the volume of health insurance’s contribution to the gross domestic product (GDP) is expected to reach SR61 billion by 2030 or about 2 percent of the GDP. The Saudi health insurance sector has witnessed a significant expansion in the recent past, especially after the introduction of compulsory health insurance for workers in the private sector and their dependents. The council had launched the first phase of the unified electronic services platform Nphies. This is a national platform for health and insurance exchange services to raise the level of health insurance services, govern claims procedures and financial payments, and enhance the safe exchange of information on insurance operations. The platform also aims to create a unified health file for the insured, and reduce the cost and time of approval procedures. This is done by electronically linking all financial transactions between health insurance companies and healthcare service providers.