Saudi Arabia

Axco provides details on the life insurance sector including Saudi Arabian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Saudi Arabia, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Saudi Arabian pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Saudi Arabia report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

The Saudi Central Bank reported that COVID-19 is expected to have only a moderate impact on the Saudi insurance market. Globally, life insurers are expected to be more affected than non-life insurers although the Saudi insurance market is mainly made up of non-life and healthcare business; the government has announced that it will cover healthcare costs related to COVID-19 for all residents, limiting the impact on healthcare insurers. Most of insurer investments are in short-term high-quality liquid investments whilst foreign investments are subject to a limit of 20% ....

The General Organization for Social Insurance (GOSI) administers a social security scheme for Saudi nationals first introduced in 1969 (implemented in 1973), updated in 2000 under the auspices of the Ministry of Human Resources and Social Development. The GOSI scheme covers the provision of retirement and long-term disability pensions for Saudi nationals through the Annuities Branch (AB) of GOSI.

Several companies market individual takaful products that can serve to supplement state pensions ....

SAMA reported that COVID-19 is expected have only a moderate impact on the Saudi insurance market. Globally, life insurers are expected to be more affected than non-life insurers although the Saudi insurance market is mainly made up of non-life and healthcare business; the government has announced that it will cover healthcare costs related to COVID-19 for all residents, limiting the impact on healthcare insurers. Most of insurers' investments are in short-term high-quality liquid investments whilst foreign investments are subject to a limit of 20% with insurers are expected to be in a good position to absorb losses from the pandemic.