MEDICAL INSURANCE WILL INCREASE TO 45%

According to Faisal Al-Sharif, the director general of the Financial Sector Development Program (FSDP), an ambitious target of SR45 for individual insurance has been established to be achieved in 2025.

The comments were given by Al-Sharif at the 6th Saudi Insurance Symposium (SIS). He stated that in 2019, instead of 33%, the proportion of medical insurance will rise to 45%. He also mentioned that the FSDP objectives also intend to increase auto insurance coverage from 40% to 77%. By 2025, they intend to further raise it, he added. According to Al-Sharif, this percentage is far lower than the figures for the entire world.

In addition, the FSDP also wants to increase the sector’s share of non-oil GDP from 1.9% in 2019 to 2.4% in 2025.

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