Domestic worker insurance rates vary due to competition: Official

Adel Al Eisa, Spokesperson for Saudi insurance companies

The diverse insurance rates for domestic workers' employment contracts in Saudi Arabia are due to the high competition in the market, Al Eqtisadiah reported, citing Adel Al Eisa, Spokesperson for insurance companies in Saudi Arabia.

Saudi Arabia has a large number of domestic workers, who present an essential incentive for promoting such insurance policies, developing the services offered, and encouraging new players to enter the market.

The difference in prices is based on several factors, including the domestic worker’s age, the contract value, the worker’s profession, quality of service offered, and the Insurance Authority’s help for certain companies in product promotion for enhancing the price competitiveness.

Insurance coverage for new domestic worker contracts was effective as of Feb.1, 2024, and was applied to workers coming to Saudi Arabia for the first time via the Musaned platform, data compiled with Argaam showed.