The Director of the Financial Sector Development Program, Faisal Al-Sharif, said that the program aims to have an individual insurance of 45 riyals in 2025, in addition to increasing the share of medical insurance to 45% instead of 33% in 2019.
Al-Sharif added, during his participation in the Saudi Insurance Symposium, which continues its sessions today (Thursday), that the program also aims to reach 77% of vehicle insurance coverage.
He pointed out that the vehicle coverage rate in 2019 amounted to 40%, noting that this percentage is significantly lower than the global figures, and they aim to increase it by 2025.
He stressed that there are opportunities to raise the vehicle insurance rate to 77%, noting that the program aims to raise the sector’s contribution to non-oil GDP from 1.9% in 2019 to 2.4% in 2025.
For his part, one of the officials of the Saudi Central Bank, Abdul-Malik Al-Ghulaiqah, stated that an insurance policy was offered for sports clubs and educational academies, in response to the request of the Ministry of Sports, adding that the current document is not mandatory, but it may become mandatory in the future for sports clubs and academies.
The CEO of ACIG, Muhammad Al-Qadi, called on the Saudi Central Bank to study obligating sports clubs to insure players, horses and camel grooms, stressing the need for insurance to be in this matter.
In another context, the Director General of the Insurance Supervision Department at the Central Bank, Abdullah Al-Hamid, revealed the bank’s intention to update the list of insurance companies and introduce rules and controls for comprehensive vehicle insurance.
Video | Director of the Financial Sector Development Program, Faisal Al-Sharif: 45 riyals per capita insurance in 2025..Increasing the share of medical insurance to 45%#Saudi_insurance_symposium#news pic.twitter.com/iMX0L1r3kc
– News Channel (@alekhbariyatv) September 29, 2022
Video | The Central Bank: Soon, sports clubs and educational academies may be required to insure#Saudi_insurance_symposium#news pic.twitter.com/Tgu1p0rHU9
– News Channel (@alekhbariyatv) September 29, 2022
Video | Muhammad Al-Qadi from ACIG: We must impose on sports clubs insurance for players, horses, and camel benefits#Saudi_insurance_symposium#news pic.twitter.com/FHUQL5rzom
– News Channel (@alekhbariyatv) September 29, 2022