Saudi insurance market surges 22% to SAR 16 bln in 2014: Report

11/04/2015 Argaam

Saudi Arabia’s health insurance market grew 22 percent in 2014 to reach SAR 16 billion compared to 2013, according to Loay Hisham Nadher, executive president of Bupa Arabia for Cooperative Insurance.

 

Nadhir said that the market is expected to continue to grow, but at a slower pace despite the compulsory health insurance for employees working in the private sector, Al-Yaum newspaper reported.

 

He added that higher demand and low cost— compared to risks and decreased capital— are key challenges facing the insurance market in the kingdom.

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