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MedGulf to insure the employees of Saudi Electricity Company

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Magazine Issue: 
Reinsurance in a stalemate [3]
Magazine date: 
Nov 2018

MedGulf has signed a contract with the Saudi Electricity Company (SEC) to provide health insurance services to SEC's employees and their families.

This is a contract for one base year and two optional years. It will be effective as from January 2019. The contract value is 575 million SAR (153 million USD).

This contract accounts for 5% of the insurer's revenues, according to the 2017 budget. The positive financial impact of the deal would show in the 2019 results.

For its part, SEC indicates that the contract will not have a significant impact on the company as health covers cost 517 million SAR (138 million USD) in 2017.

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Thu, 15/11/2018 - 12:14

Source URL: https://www.atlas-mag.net/en/article/medgulf-to-insure-the-employees-of-saudi-electricity-company

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[4] https://www.atlas-mag.net/en/article/three-companies-share-80-of-the-saudi-health-insurance-market