Health and Medical Insurance Industry in Saudi Arabia Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Health & Medical Insurance Industry in Saudi Arabia is Segmented by Type of Insurance Provider (public Sector Insurers, Private Sector Insurers, Standalone Health Insurance Companies), Type of Customer (corporate and Non-Corporate), Type of Coverage (individual Insurance Coverage, Family, or Floater (group) Insurance Coverage), Product Type (disease-Specific Insurance and General Insurance), Demographics (minors, Adults, and Senior Citizens), and Distribution Channel (direct To Customers, Brokers, Individual Agents, Corporate Agents, Online, Bancassurance, and Other Distribution Channels). The Report Offers Market Size and Forecasts for the Health and Medical Insurance Industry in Saudi Arabia in Value (USD) for all the Above Segments.

Health and Medical Insurance Industry in Saudi Arabia Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Saudi Arabia Health & Medical Insurance Industry Overview

The Saudi Arabia Health and Medical Insurance Market are semi consolidated. The increasing number of new players in the market is expected to increase the competition levels for established players. Two health insurance companies account for 75% of the local market, while the three largest firms dominate 83%. Additionally, there are 28 licensed companies in the Kingdom. Private health insurance covers about 30% of the working population and is mandatory for some employees in the private sector and other sectors. 

The rapid adoption of advanced technology for improved healthcare and the new policies introduction are significant factors influencing the competitive nature. Furthermore, to gain market share, players are employing various strategies such as expansion, merger and acquisition, partnership, and collaboration.Key players operating in the market are Bupa Arabia, Tawuniya, Al Rajhi Takaful, Walaa, Medgulf, AXA Cooperative, Malath Insurance, Wataniya Insurance, Al Etihad Cooperative, SAICO, Amana Insurance, and others.

Saudi Arabia Health & Medical Insurance Market Leaders

  1. Bupa Arabia

  2. Tawuniya

  3. Al Rajhi Takaful

  4. Walaa

  5. Medgulf

  6. *Disclaimer: Major Players sorted in no particular order
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Saudi Arabia Health & Medical Insurance Market Report Snapshots

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