Saudi insurance sector aims for 25m beneficiaries by 2030
In a recent report from the Saudi Council of Health Insurance, the number of beneficiaries in the Saudi health insurance sector has experienced an 18 percent growth, reaching 11.5 million by the close of 2022.
The ambitious goal of the insurance sector is to extend its reach to 25 million beneficiaries by the year 2030. Projections indicate that the contribution of health insurance to the gross domestic product (GDP) is anticipated to hit SR61 billion by 2030, constituting approximately 2 percent of the GDP.
The Saudi health insurance landscape has undergone substantial expansion, particularly following the introduction of mandatory health insurance for private sector workers and their dependents. The council’s unveiling of the first phase of the unified electronic services platform, Nphies, marks a pivotal step in this evolution.
Nphies serves as a national platform for health and insurance exchange services, designed to elevate the quality of health insurance services, streamline claims procedures and financial transactions, and facilitate secure information exchange on insurance operations.
This platform also strives to establish a unified health file for insured individuals, ultimately reducing the time and cost associated with approval procedures. Through the electronic linkage of all financial transactions between health insurance companies and healthcare service providers, the aim is to enhance efficiency and effectiveness within the Saudi health insurance sector.
