Saudi Arabia Health & Medical Insurance Market Size (2024 - 2029)

Saudi Arabia Health & Medical Insurance Market Analysis

The Saudi Arabia Health & Medical Insurance Market size in terms of premium value is expected to grow from USD 7.12 billion in 2024 to USD 9.59 billion by 2029, at a CAGR of 6.13% during the forecast period (2024-2029).

Saudi Arabia's healthcare insurance market is growing significantly because of mandatory health insurance schemes, the development of healthcare infrastructure, the increasing prevalence of non-communicable diseases, and government support. 

Saudi Arabia's private and governmental healthcare system is well-developed. The reason for high-quality healthcare services is due to the growing population, shifting demographics, and increasing burden of non-communicable diseases.

Health insurance in Saudi Arabia is designed to reduce the financial strain on people when high payments come during unplanned illnesses or injuries. All citizens and foreigners are also required to have access to healthcare by the Saudi government. According to government rules, all private sector businesses must offer health insurance to their employees and dependents, including their spouses, male children below 25, and unmarried daughters.

Saudi Arabia Health & Medical Insurance Industry Segmentation

Health insurance implies a form of coverage where policyholders pay regular premiums, and in return, the insurance provider covers their medical and surgical expenses during emergencies.

The health & medical insurance industry in Saudi Arabia is segmented by type of insurance provider, type of customer, type of coverage, product type, demographics, and distribution channel. The type of insurance provider is sub-segmented into public sector insurers, private sector insurers, and standalone health insurance companies. The type of customer is sub-segmented into corporate and non-corporate. The type of coverage is sub-segmented into individual insurance coverage, family insurance coverage, or floater insurance coverage. Product type is sub-segmented into disease-specific insurance and general insurance. Demographics is sub-segmented into minors, adults, and senior citizens, and distribution channel is sub-segmented into direct to customers, brokers, individual agents, corporate agents, online, bancassurance, and other distribution channels. The report offers market size and forecasts for the health & medical insurance industry in Saudi Arabia in value (USD) for all the above segments.