RIYADH: Health insurance companies in Saudi Arabia are looking to extend their coverage to 25 million beneficiaries by 2030, a report has revealed.
The industry has experienced substantial growth in recent years, primarily driven by mandatory medical coverage for private sector employees and their dependents, according to the Council of Health Insurance.
By the end of 2022, the number of beneficiaries had surged by 18 percent, reaching 11.5 million.
Furthermore, it is anticipated that the contribution of health insurance to the gross domestic product will reach SR61 billion ($16.47 billion) in 2030, accounting for approximately 2 percent of the total GDP.
The council recently launched the first phase of the National Platform for Health and Insurance Exchange Services, also known as NPHIES.
This initiative aims to enhance the quality of medical coverage services, govern claims procedures and financial transactions, secure the exchange of insurance operation information, create a unified health record for policyholders, and reduce the cost and processing time of approval procedures.
This is to be achieved through electronic integration for all financial transactions between medical coverage companies and healthcare service providers.