Accidents are unforeseen and
severely impact human life and well-being. Personal accident insurance policy
provides cover against accidental death, permanent or partial disability caused
due to an accident. Now-a-days, quality medical treatment is quite expensive
and it is compulsory to have a health and a personal accident cover for every
individual. The personal accident insurance can offer a financial guard against
medical expenses caused by any illnesses, injuries and other medical
conditions. Comparatively, a health insurance policy provides a comprehensive
cover for all sorts of injuries and illnesses.
Saudi Arabia is gradually
reviving from the global economic crisis with strong domestic funding and high
investments that are fuelled the economic growth of the company. Strict
regulations are passed by Saudi Arabian Monetary Authority (SAMA) to facilitate
the country’s development. Evolution of industries in the Middle East over the
recent years has encouraged businesses to adopt advanced technologies and IT
integration solutions to enhance their operations and revenue. Information
technology is a key enabler of all business functions in Saudi Arabia. This
trend was also observed in Saudi’s healthcare sector where manual records were
transformed into electronic health records. Therefore, health and medical
insurance for every individual is mandatory due to the implementation of
electronic health records. This trend has encouraged the medical and health
insurance market growth.
According to the study “Personal
Accident and Health Insurance in Saudi Arabia, Key Trends and Opportunities to
2020”, it was observed that health insurance and personal accident
insurance policies are the fastest growing segments in the Saudi Arabian
insurance sector. Health insurance has become compulsory for all emigrants and
also witnessed a drastic increase in the number of insured people. With more
technology evolved in industries there is less chances of any accidents but possessing
a personal accident insurance policy may come handy at the time of accidents.
Individuals working in Saudi
Arabia are provided with health insurance by their employers. Saudi has a
regulation of Council of Cooperative Health Insurance (CCHI) that issues health
and medical insurance for both private and government sectors. The leading
players in Saudi Arabia’s personal accident and health insurance market are
Tawuniya, Bupa Arabia, Medgulf Insurance, Malath Cooperative Insurance and
Reinsurance Co., UCA, AXA-Cooperative, AlRajhi Takaful, SABB Takaful, Saudi
Arabian Cooperative Insurance Company (SAICO), and Allianz Saudi Fransi. All
these leading players work for both corporate and individual customers with
flexible and comprehensive plans for personal accident and health insurance.
Saudi Arabia has both public
health services and private health system which cater the needs of the
country’s population. Growth in Saudi’s personal accident and health insurance
sector is affected due to high economic development, population growth, rising
healthcare expenditure, increased consumer annual disposable income, favourable
regulatory environment and consumer awareness in insurance policies. The
personal accident and health insurance market has experienced a consistent
positive growth over the past five years in Saudi Arabia. Saudi Arabia’s
personal accident and health insurance market accounts for more than 60
percentile of the insurance market. Therefore, it was observed that Saudi
Arabian personal accident and health insurance market will witness a steady and
continuing growth over the coming years.
Key Topics
Covered in the Report:
·
Personal Accident and
Health Insurance in the Saudi Arabia
·
Personal Accident and
Health Insurance Outlook in Saudi Arabia
·
Saudi Arabia
Personal Accident and Health Insurance Analysis
·
Personal Accident and
Health Insurance Distribution Channel in Saudi Arabia
·
Saudi Arabia
Personal Accident and Health Insurance Top Insurers Market Report
·
Saudi Arabia Health
Insurance Industry Gross Written Premium
·
Saudi Arabia Health
Insurance Industry Analysis
·
Saudi Arabia Personal
Accident Insurance Gross Written Premium
·
Saudi Arabia Health
Insurance Industry Government Regulations
·
Challenges in Saudi
Arabia Health Insurance Industry
To know more click on the link below:
Related Reports
Contact Us:
Ken Research
Ankur Gupta, Head Marketing &
Communications
0124-4230204
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