RIYADH — The director general of the Financial Sector Development Program (FSDP), Faisal Al-Sharif has stated that an ambitious target of SR45 has been set for individual insurance in 2025.
Al-Sharif made the remarks at the 6th Saudi Insurance Symposium (SIS). He said the share of medical insurance will increase to 45%, instead of 33% in 2019.
He also said that the FSDP targets the coverage of vehicle insurance to reach 77%, compared to 2019 when it was at 40%. They aim to increase it further by 2025, he added.
Al-Sharif stated that this percentage is significantly lower compared to the global numbers.
Additionally, FSDP aims to raise the contribution of the sector in the non-oil Gross Domestic Product (GDP) from 1.9% in 2019, to reach 2.4% in 2025.
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