Saudi Arabia Personal Accident Insurance Gross Written Premium

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Evolution in Technology Has Boosted the Growth in
Personal Accident and Health Insurance Sector in
Saudi Arabia Ken Research
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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
countrys 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.
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Information technology is a key enabler of all
business functions in Saudi Arabia. This trend
was also observed in Saudis 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.
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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 Arabias
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 countrys population.
Growth in Saudis 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.
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The personal accident and health insurance market
has experienced a consistent positive growth over
the past five years in Saudi Arabia. Saudi
Arabias 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 Challeng
es in Saudi Arabia Health Insurance Industry
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