Saudi Gazette report
RIYADH — The director basic of the Monetary Sector Improvement Program (FSDP), Faisal Al-Sharif has said that an formidable goal of SR45 has been set for particular person insurance coverage in 2025.
Al-Sharif made the remarks on the sixth Saudi Insurance coverage Symposium (SIS). He stated the share of medical insurance coverage will enhance to 45%, as an alternative of 33% in 2019.
He additionally stated that the FSDP targets the protection of car insurance coverage to succeed in 77%, in comparison with 2019 when it was at 40%. They intention to extend it additional by 2025, he added.
Al-Sharif said that this proportion is considerably decrease in comparison with the worldwide numbers.
Moreover, FSDP goals to lift the contribution of the sector within the non-oil Gross Home Product (GDP) from 1.9% in 2019, to succeed in 2.4% in 2025.
