Saudi Arabia

Saudi Arabia is a sovereign country in Western Asia comprising 13 provinces, including Riyadh and Mecca. Saudi Arabia mandates health insurance for all private sector employees, as enforced by the Council of Cooperative Health Insurance (CCHI).

The government operates the General Organization for Social Insurance (GOSI), which provides social security benefits such as work injury compensation and pensions to over 10 million contributors. Car insurance in Saudi Arabia is compulsory, with third-party liability coverage required under Article 8 of the Traffic Law; companies like Tawuniya and Bupa Arabia offer these policies.

Foreigners must obtain medical insurance before receiving or renewing residency permits (Iqama), according to Ministry of Interior regulations since 2005. Saudi Arabian Monetary Authority (SAMA) regulates insurers’ solvency margins and enforces consumer protection standards through regular audits of licensed providers such as Medgulf and Allianz SF.

Takaful, an Islamic-compliant cooperative insurance model, represents about 80% of gross written premiums in Saudi Arabia’s $11 billion insurance market as reported by SAMA in its annual report for 2022. Flood damage is generally excluded from standard property policies due to high risk in cities like Jeddah but can be added via endorsements offered by select insurers such as Malath Cooperative Insurance Co.

International reinsurers including Swiss Re and Munich Re support local carriers with reinsurance treaties that help manage catastrophic risks across sectors like energy, construction, and aviation, as published by Your Insurance Info.