Health insurance is among the key perks for employees in the corporate world. It covers partial to complete expense coverage, caused due to sickness or accidents, covering examination, diagnosis and medications.
The market is classified based on the size of the company into small and medium scale corporations and large-scale companies. The market is classified on the basis of the Insurers that includes private agencies and the company itself. There are around 35 licensed insurance companies providing services to companies, while some companies taking care by themselves. Also, the market is classified by the different competitive schemes provided by insurance agencies, some of which are- benefits for both in-patient and out-patients. Care of general physician consulting to special consulting. Tie-up with hospitals & clinics, giving more choices to patients. Covering of maternity cases, and diseases. The most important service is the coverage of emergency cases treated in out of network hospitals and assistance in emergency evacuation from foreign land. Also, the geographical analysis focusing on major corporate lands.
Riyadh, Makkah, Al Madinah, Eastern Province and Jeddah are the top metropolitan areas, with more companies. So, these regions have the largest market for insurers and the medical care providers. Saudi Arabian government provides health services through a large number of government agencies and also, there has been increase in the number of private service prviders
In April 2017, Saudi Arabia’s Council of Cooperative Health Insurance (CCHI), in its latest development for the unified health insurance policy declared that it is now illegal for any employer to exclude his employees from health insurance, irrespective of nationality. The policies also cover employee’s all dependents, including vaccination and other care of children and mothers. Thus, creating progressive corporate health insurance services market.
The competition is stiff and depends on the quality and number of hospital and clinics in the network, and also the types of coverage- on pharmaceuticals, prosthetics, and general check up to major surgeries.
The top insurance companies operating in this market include Tawuniya, Bupa Arabia, Medgulf, and other such companies.