The Council of Cooperative Health Insurance (CCHI) in Saudi Arabia has began a series of reforms designed to consolidate and develop the sector in the Kingdom.
The council has launched an electronic data management to the attention of all health insurers. This solution applies to all companies. It should allow to verify the data provided by the policyholders to identify and reduce possible fraud. The application will also serve as a tool for policy holders to better learn about the terms of the covers.
To date, there are 10 970 000 insured in Saudi Arabia for a total of 36 insurers operating in the health class of business. With a premium volume of 15.720 million SAR (4.189 million USD) in 2014, the health risk represents 51.5% of the total market turnover. The loss ratio of the industry stands at 79%.