COOPERATIVE HEALTH INSURANCE

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1 COOPERATIVE HEALTH INSURANCE August 2008, Issue 2 Capital and Investment Insurance... The Potential for Revenues and a Promising Future In All Directions The Public and Health Insurance What are the Benefits? Incidents and Treatments not Covered by Health Insurance!

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3 Editor-in-Chief: Dr. Abdullah Bin Ibrahim Al-Sharif The Secretary General for the Cooperative Health Insurance Council Asst.Editor In Cief Mohammed S. Al Hussain The Asst. Gen.Secretary of Admin & Finance for the Cooperative Health Insurance Council The magazine s consultancy committee: Dr. Mansour Bin Nasser Al-Hawasi The Deputy Minister for executive affairs The member of the Cooperative Health Insurance Council Dr. Mousaa id Bin Mohammad Al-Salman Dean of the faculty of medicine, King Saud University The member of the Cooperative Health Insurance Council Mr. Sami Bin Abdullah Al-Moubarak General Director of the Bureau of Labor in Riyadh The member of the Cooperative Health Insurance Council The General Secretary for the Cooperative Health Insurance Council PO Box Riyadh Phone: Fax: Published on behalf of: The Cooperative Health Insurance Council Publisher: From the Editor As with other types of insurance, a variety of issues and subjects occupy the minds of those who wish to know more about health insurance. We, at the Health Insurance Magazine, are very much for addressing such issues from all sides, with respect for differences in opinion and viewpoints. This issue of the Cooperative Health Insurance Magazine explores a number of hot topics, and we ve sought out leading experts to help us and you understand the changes taking place in the Kingdom s insurance industry today. Our cover story for this issue is diseases that are not covered by the cooperative health insurance, a subject of particular importance which concerns us all. We have also collected a variety of viewpoints giving participants the freedom to express their own views, regardless of whether they are in agreement or disagreement with our own. Manager Director: Rabih Al-Amine Editor-in-Chief: Mustafa Shehab The editorial team at the Cooperative Health Insurance Magazine is always looking to canvas opinion and receive readers opinions and comments about the subject that we cover. In future issues of the magazine, we plan to have at least one page or more for readers to voice their view and to put forward questions for the insurance industry, as long as they are in the public s interest. Editors: Design: Ali Fawaz Hani Nadim Said Al-Husnia Amira Hmedeh Hussain Mohammed Al-Bakri From the Editor-in-Chief Distribution: PO Box: Riyadh 11372, Phone: The using of all or a part of what s mentioned in this magazine without the publisher s permission faces legal guestioning August

4 News Qualified In All Directions Al Mana a: Insurance (6-12) for housekeepers and drivers is imminent! MedGulf Group (14-17) An Insurance Group with an extensive regional and international network In 1999, the collaborative Medical Insurance Law was promulgated as per Royal Decree No. M/10, dated 1/5/1420 H. In 2003, The Collaborative Medical Insurance Companies Controlling Law was issued as per Royal Decree No. M/23... Medical Insurance and (18-20) the Local Community. What are the benefits? The Edition s Case Social Responsibility Insurance Awareness (22-25) Building awareness in the Kingdom s latest industry Cooperative insurance has become one of the most talked about topics in Saudi society, particularly after the application of the Obligatory Insurance Law on both nationals and expatriates operating in the private sector... Corporate Social (26-27) Responsibility (CSR), A Win-Win for the Kingdom! Finance and Investment Capital and Investment (28-31) Medical Insurance in the Kingdom A promising future and unparalleled growth... 4 THE COOPERATIVE HEALTH INSURANCE

5 The Editions s Axis Incidents and Treatments (32-37) Not covered by Health Insurance! As the Kingdom s population becomes increasingly aware of insurance, questions have arisen surrounding what diseases are and are not covered by insurance schemes. To clarify what diseases and incidents insurance providers here in the Kingdom cover, and how healthcare is provided... Programme The Arab Shield Co. (38-40) Medical Insurance Programmes, Multiple Programmes & Varied Benefits Healthcare is surely a vital necessity for humanity across the world, where many people try to seek the best healthcare services to protect themselves from diseases as modern and recurrent diseases have considerably become widespread... The Edition s Guest Al-Subaiheen: The Saudi (42-45) Insurance Market is expected to grow to more than SR10 billion within the next five years... Technology Call Centers (46-48) The First Step to Success! As competition heats up in the economy, companies are looking towards solutions and services that will give them a competitive edge. Call Centers have emerged to fulfill this need, and they have become one of the latest tools companies use to distinguish themselves and provide a higher quality of service to current and potential clients... Life Style The world s most (50-52) exclusive coupe, the Bentley Brooklands, the classic choice for today s businessman Tourism and Travel Around the World Jerba Island France s Medical (54-57) (62-64) The Mediterranean s Insurance Programmes: Tourist Gem A Pivotal Foundation of the French A Combination of the Past and Social Security System Present Globally, countries develop The Greek hero of the Odyssey and tailor healthcare systems and his sailors lay on its crystal to suit their unique social, white sands enjoying the demographic, and economic gorgeous moderate climate and conditions.. warm sunrays... August

6 Al Mana a: Insurance for housekeepers and drivers is imminent! 986 Authorized Healthcare Providers Approved Compulsory enforcement of medical insurance for housekeepers, drivers, and others falling under the same category is imminent, Minister of Health Dr. Hamad bin Abdullah Al-Mana a stated recently. The Minister of Health said that following the endorsement of the Cooperative Health Insurance Council (CHIC) a group of specialists are now finalizing two proposals enforce this with sponsors. The first proposal involves providing these categories with insurance coverage from the Ministry of Health against a payment of SR 500; the second is to insure them for SR 1200 through local medical insurance providers for treatment by the private sector. The (CHIC) adopted three insurance documents: Family Insurance Policy, Old Age Insurance Policy and Individual Housekeepers Insurance Policy. All policies vary in terms of benefits and contributions, but they all apply fees for check-ups, diagnosis, treatment, medications, admission, surgery, one-day surgery, delivery, dental and gum treatment, and other preventive procedures as instructed by the Ministry of Health such as vaccinations, maternity and child care, and the costs incurred as to the repatriation of a corpse to his or her country of origin. The (CHIC) has approved up to 986 facilities as authorized healthcare providers, Dr. Al-Mana a added.< RSA Portal Enhances Online Insurance Service RSA, the International Insurance Company, has achieved record results thanks to the roll out of its new online insurance service, fasterquote.ae. The first and still one of the most comprehensive online insurance service in the region, RSA launched the website in March 2006, and redesigned the site recently to make online insurance services even more accessible to end users. The new service provides quotes and discounts on a wide variety of insurance services including insurance covering personal schemes, vehicle, travel, house, GRESS health, boats, pets, and sports. The website is part of a multi-channel strategy pursued by RSA to provide customers with the best possible service through call centers or directly through the web. RSA has also set up a phone line, where employees assist potential clients by walking them through using the internet portal or helping them directly over the phone. The RSA Group, which is active in more than 130 countries including Saudi Arabia, launched its new brand RSA first in Bahrain in a Broker Awards Ceremony that was held on April 30, 2008 and attended by more than 60 insurance brokers operating for the Group.< Salamah Insurance opens its head office in Riyadh Saudi Iyac for Cooperative Insurance (Salamah) has announced that, within the framework of its expansion strategy in the area, it has recently inaugurated its main office in the Saudi Capital of Riyadh. This will bring the company closer to its customers and allow it to promote its strategy in the Central Area; the heart of the commercial marketplace of the Kingdom. Speaking of the occasion, the Chairman of the Board of (Salamah) Dr. Salih Malaikah said: Salamah has become in a better place which allows it to offer quality services. Our Riyadh branch customers can now reach the company more conveniently which coincides with our policy in offering unrivaled services to our existing customers in addition to attracting new customers. The company General Manager Khalid Baraboud pointed out that the Riyadh main office shall operate side by side with ten branches of the company that cover various parts of the Kingdom. Furthermore, the company maintains an ambitious plan to open other branches in various cities to bring the total up to 15 by the end of the current year. He added that the company has appointed renowned agents to cover various areas of the Kingdom. Saudi Iyac for Cooperative Insurance (Salamah) is a provider of Islamic Sharia compliant insurance solutions. The first company of Salamah Group was established in Dubai in 1979 and thereafter it started to include a group of insurance and reinsurance companies offering services to customers around the Kingdom of Saudi Arabia, UAE, Egypt, Senegal, Algeria, and Tunisia. In addition, the company plans to expand its Sharia compliant services to include other countries.< 6 THE COOPERATIVE HEALTH INSURANCE

7 News Mandatory health insurance for saudi citizens to be enforced very soon! Dr. Abdullah Al-Shareef, Secretary-General of the Cooperative Health Insurance Council (CHIC), told Al-Hayat newspaper in an interview that: Around 1.5 million Saudi citizens working in the private sector will soon be subject to Cooperative Health Insurance following enforcement amongst expatriates. The enforcement of health insurance is to be conducted in three steps; the first will be with corporations employing 500 persons and above; the second is for corporations hiring over 100 persons and above, and finally for companies with fewer than 100 employees. Dr. Al-Shareef pointed out that although the number of those insured is on the increase, insurance companies can still absorb the increase in numbers. Dr. Al-Shareef said that expected limited rises in insurance policies on the long run, but that the performance of the local insurance market will need to be assessed in the long run. Dr. Al-Shareef stated his opinion that the insurance business in the Kingdom is suffering from a lack of high caliber insurance specialists, especially in niche areas and specialties. Around vacant job opportunities are expected to be filled by Saudi nationals. He also expected this number to double following full enforcement of the Cooperative Health Insurance on Saudi citizens working in the state and private sectors. The Secretary-General of The Cooperative Health Insurance Council (CHIC) pointed out that presently there are discussions among a number of sectors including The Institute of Administration and The Saudi Board for Health Specialties about proposing health insurance programmes to qualify more Saudi employees for employment and managerial roles in the Kingdom s insurance industry. Following the conclusion of a memorandum of understanding between his ministry and the Saneer Publicity Federation to launch the national antidiabetes campaign, entitled SALEEM, Dr. Abdullah Al-Mana a declared that the enforcement of the Compulsory Health Insurance shall be applicable to all citizens next year as directed by The Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud. We have made good progress in enforcing this type of insurance on expatriates. Today 50 percent of those applicable are now covered, and the rest should be insured by the rest of the year, Dr. Al-Mana a said. Sources involved in the insurance sector have predicted that health insurance will rise markedly and will hit the SR 15 billion mark by the end of this year. By 2010 the health insurance market is expected to be worth some SR 30 billion within the next decade. Insurance experts claim that the enforcement of the Compulsory Health Insurance on locals and expatriates will drive growth and expansion in the domestic healthcare sector. The expansion of the Compulsory Insurance System to include Saudi nationals will create more than 7,000 job opportunities for Saudi citizens and free the government from its healthcare burden, estimated to be 8.6%, or SR 28 billion, of the annual budget last year alone.< A partnership between Waseel and Batabeely to provide pharmaceutical services management solutions A strategic joint venture has been agreed between Waseel E-Information Transmission Co., an e-services company, and Batabeely Co., a South African company specialized in drug insurance claims, to build the first e insurance claim management system in the Arabian Gulf. Mr. Waseem Khashukgi, CEO of Waseel said: Why have we embarked on this? We ve noticed many problems with current insurance claims practices, especially those related to drugs and pharmaceuticals which make up around 60% of total insurance claims in the industry. We believe that building an electronic system for processing drug-based claims can help cure this problem, thus save time and money and minimize mistakes by minimizing manual transactions. The system will adopt electronic dispensation for drugs and will provide files for each patient. In short, the system saves patients from misadministration of drugs that might be harmful to their health. Mr. Mike Collier, CEO of Batabeely reiterated his commitment to support and further the new venture aimed at developing the Gulf s healthcare sector through employing the Pro P.P.M technology approved by Mackison International Co. He also voiced his optimism about the potential for this venture by providing solutions required to promote and expand the GCC s healthcare sector. He said: the development of the healthcare system through the use of technology implies your country has a long-term vision for progress. < August

8 Medical Malpractice Insurance increases by 116% in 2008! Speaking to the media, NCCI officials have pointed to the sharp increase in medical malpractice cases over the last year, up over 116% over 2007 s numbers. Mr. Fahad Al-Husni, NCCI s Property & Accident Insurance CEO, attributed the massive rise to increasing awareness of the concept of insurance in medical fields due to the rising number of symposia and conferences held by Saudi healthcare providers on this issue. Al-Husni commended the response of doctors and practitioners to The Health Practitioners Law, which was issued two year ago. Article (41) of the Law requires that all doctors and dentists should procure insurance against professional malpractice. Al-Husni said: the resolution passed by the Saudi Board for Health Specialties makes providing doctors with medical licenses conditional on them obtaining malpractice insurance policies. The overwhelming response from doctors of all specialties to the Law has been positive, as it provides them with proper indemnifications for any malpractice up to SR 1 million. The system also speeds up malpracticebased claims and discourages any delays which may otherwise negatively affect both patients and doctors. We ve seen issues of detention or travel bans forced on doctors in the past, which has done neither the doctor nor the victims of such malpractices any good. In short, the Malpractice Insurance Policy has solved this complicated and delicate issue. Al-Husni pointed out that the malpractice insurance policy offered by NCCI provides a range of financial options ranging from SR 100,000 to SR 5,000,000. Indemnification limits can be increased depending on the customer s need. The prices of such insurance policies begin at SR 400 based on the medical specialty, claim constraints and the total limit of annual claims. Recently, the NCCI has participated in several local conferences about malpractices to familiarize doctors with malpractice insurance regulations, especially for doctors and specialties most vulnerable to malpractices, including those operating in the obstetrics, general surgery, internal medicine and pediatrics specialties.< 8 THE COOPERATIVE HEALTH INSURANCE Al-Khaznah Insurance Co. Acquires 15% of Sanad Cooperative Insurance Co. The UAE s Al-Khaznah Insurance Company has acquired of 15% of the Sanad Cooperative Insurance Company, estimated at over three million shares. The purchase gives Al-Khaznah two seats on the Board of Directors of Sanad Company as well as one position in Sanad s Executive Management. Sanad is expected to launch a host of cooperative insurance and reinsurance products in the Saudi market. The new acquisition forms part of Al-Khaznah s strategy to enter the Saudi market. With indicators suggesting that the Kingdom s insurance sector is set to boom, partly due to the enforcement of compulsory cooperative insurance on the country s seven million expatriates as well as automobiles. Experts estimate that insurance investments this year reached SR 7 billion; this number is set to rise to SR 15 billion next year and SR 30 billion by the next decade. In addition, insurance premiums should rise from SR 150 to SR 450 per capita. Sanad Cooperative Insurance Co. was founded as a joint stock corporation in July 2007 with a capital of SR 200 million. Sanad, which is located in Riyadh, was listed on the Saudi bourse on July 21st. Al-Khaznah Insurance Co. was established in 1996 in Abu Dhabi as a holding company with a capital of AED 380 million.< Health insurance call centres and services to be established Following the 64th meeting of the Cooperative Health Insurance Council (CHIC) presided by the Minister of Health, President of the (CHIC) Dr. Hamad Al-Mana a, Dr. Abdullah Al-Shareef, Secretary General of the Cooperative Medical Insurance Council told the press that: very soon we will be launching call-center health insurance claim enquiry service keep both expatriates and Saudi nationals informed and updated on the ins and outs of health insurance laws and solve any problems resulting from misapplications of these laws. A number of issues were discussed in the meeting, particularly those related to the proper enforcement of the Cooperative Insurance Law, according to Saudi newspaper of Al-Watan. Dr. Al-Shareef explained: The Council reviewed the results of our cooperation with the World Bank and our desire to utilize the Bank s expertise in various fields related to the cooperative insurance industry. Dr. Al-Shareef inaugurated the Council s new web site and reviewed the Old Age Insurance Policy and other improvements on the site. The meetings were convened to discuss how to implement these amendments to the insurance laws. The Cooperative Health Insurance Law was introduced in 2006, and to date over four million people have taken out insurance policies. 0 The Cooperative Health Insurance Law was first put in force on 19/6/1427 H. The number of insured as of that date is around 4 millions.<!

9 Star employee award Mr. Abdullah Al-Buraik was awarded the Star Employee honour for the first quarter of 1429H. Al-Buraik is an employee of The General Secretariat of the Cooperative Health Insurance Council. The award was awarded to Al-Buraik by a special committee for his dedication and sincere efforts. Al-Buraik was delivered a letter of recognition during a party held for this occasion. The party was attended by Dr. Abdullah Al-Shareef, Secretary-General of the Council, and other senior officials.< Saudi Reinsurance Market worth SR 2.6 billion In a press conference held recently, Mr. Musa Al-Rubai an Chairman of the Board of the Saudi Reinsurance Co. (E adah) estimated the Kingdom s reinsurance market to be worth SR 2.6 billion, and that of the GCC as a whole to be approximately SR 12 billion. Al-Rubai an explained that the company, currently undergoing restructuring, will be looking to penetrate a number of markets in the GCC, and also expressed his opinion that the Kingdom s insurance sector will undergo a wave of consolidation over the coming three years. He added that consolidation would benefit consumers as companies leveraging off larger economies of scale would be able to offer better services at lower costs. However, Al-Rubai an claimed that E adah would be safe from any takeover due to its high market capitalization. Speaking at the press conference, Mr. Taher M. Al-Dabbagh, CEO of the Saudi Hollandi Financial Company said: We have signed six agreements so far with companies going IPO, and we re expecting to announce up to three more for IPO in 2008, including Al-Hokair, Sahara, and Huta. Mr. Nehad I. Taleb, CEO of the Saudi Reinsurance Co. (E adah) added that: E adah s capital is estimated to be worth SR one billion, broken down into 100 million shares with a nominal value of SR 10 per share. Around 40 million shares amounting to SR 400 million were announced for IPO. < News Extensive Public Support for the Enforcement of the Health Insurance Law A survey conducted recently in the Kingdom has revealed that the vast majority of the public understand and support the enforcement of health insurance for Saudi nationals. Those particularly in favour of the legislation include university female workers, private sector employees, and government workers. Conducted by Col. Saleh Ibrahim Al-Tasan, a PhD holder in hospital management and health insurance, all the participants called for expanding insurance coverage to incorporate new services. Those interviewed called upon the insurance industry to invest in building their capabilities and resources, hire more specialized manpower, provide more specialized products, and invest more capital to offer better insurance programmes and healthcare. The participants also called for affordable insurance installments, insurance products sold through multiple channels, a superior quality of quality, and more proactive customer care. They proposed health insurance covering of all emergency cases, postnatal follow-up, dental treatment, eye check-ups and easier access to hospitals. The survey offered a number of recommendations, including forming a committee staffed by high ranking representatives from the Ministries of Health, Defense, the National Guard, specialist healthcare facilities and the private sector to develop the Saudi healthcare system, ensure better usage of public resources, conduct research, develop IT systems, and improve the quality of health services. It also recommended that the Ministry of Labor should move ahead Saudization in the insurance sector and hire more trained Saudi graduates. The survey recommended an insurance policy which would include basic medical services like diagnosis, medication, preventive procedures, lab tests, x-rays, and hospitalization. < August

10 35,000 Job opportunities to be created by the insurance sector over the next decade Dr. Al-Eesa proposed setting up an Institute of Insurance Research to provide specialized research on how the global insurance industry can overcome local challenges in the Saudi market to fuel growth. Other goals of the proposed Institute include enhancing the legal environment for the insurance industry and creating more awareness of the importance of insurance among the public in general. Al Yamama College is the first Saudi college that offers a Bachelor degree in Insurance. The College is expected to graduate around 15 students holding Bachelor degree in Insurance this year. Once Al-Yamama College is transformed to a university, it will look to develop the Institute of Insurance Research, a project estimated to be worth over SR 10 million. < The First Meeting of Insurance Company Human Resources managers was held in Al-Yamama College last month, and was attended by more than 35 Saudi, Arab and International insurance companies. The meeting stated that the boom in the insurance sector should be attributed to the country s rapid economic growth that requires adequate insurance coverage to reduce trade-related risks, as well as an improvement in the regulatory environment as well as competition which has introduced more innovative products. The meeting was introduced by speech from the Dean of Al-Yamama College, Dr. Ahmad Al-Eesa. Dr Al-Eesa told the audience that the insurance sector will create up to job opportunities over the next decade. Dr. Al-Eesa adduced a quick review of the history of Saudi insurance industry, dating back to when the first insurance products were sanctioned by the Late King Abdulaziz on goods imported from abroad in 1350 H. In 1397 H, a religious opinion (Fatwa) was issued by the Supreme Scholars Panel permitting the cooperative insurance system as an alternative for traditional commercial activities. In 1405 H, the NCCI was founded as per a Royal Decree as a Saudi joint stock company operating in the insurance industry in conformity with the principles of cooperative insurance. Dr. Al-Eesa said: The insurance business is a vital part of the economy in countries such as South Korea, Japan, Switzerland, USA, Germany, and Italy. He also talked about Al-Yamama becoming the first Saudi higher educational establishment to offer an insurance degree. Speaking about the need to provide the local insurance market with trained insurance professionals, Dr. Al-Eesa focused on the importance of the relationship between the insurance sector and higher education. Dr. Al-Eesa said: Al Yamama College is trying to hire high profile teaching staff in the insurance specialty who can serve on think tanks for the local insurance sector and to localize the insurance industry to the needs of Saudi community. < Chinese insurance sector worth Yuan 242 billion Recent research revealed that the Chinese insurance sector has grown to SR billion as of January Data released by the Chinese Regulation Committee and broadcast by the Chinese News Agency showed that the Chinese insurance sector accrues over Yuan billion Yuan 28.2 billion in property insurance, Yuan 70.8 billion in life insurance, Yuan 4.7 billion in medical insurance and Yuan 1.9 billion in accident insurance. The Chinese insurance sector awarded insurance claims amounting to Yuan 10.4 billion for property insurance, Yuan 18.3 billion for life insurance, Yuan 4.1 billion for medical insurance and Yuan 695 billion for accident insurance. A highranking Chinese official added: The Chinese government accrued insurance installments of Yuan 242 billion from January through to October China s interest rate was 10.87% during the same period. < 10 THE COOPERATIVE HEALTH INSURANCE

11 Sheikh Al-Mane a: Both Commercial and Cooperative Insurance are halal Member of the Supreme Scholars Panel Sheikh Abdullah bin Suleiman Al- Mane a reaffirmed his view that: there is no difference between commercial and cooperative insurance, and that both kinds of insurance are permissible. Sheikh Al-Mane a, head and board member of a number of major corporations, expressed his opinion after critics dismissed his notion that commercial and cooperative insurances are similar if not one in the same in a lecture delivered to the Riyadh Chamber of Commerce & Industry. Wading into the issue which has been debated by scholars and other religious figures, Sheikh Al-Mane a said: The opinions of others are not divine revelation. It represents their own Ijtihad, or personal religious opinion. He reaffirmed his viewpoint as reported by the local press and confirmed that his opinions may be adopted by anyone without any doubt. Sheikh Al-Mane a rejected the argument that insurance is in opposition to the theory of with God s destiny, as reliance on God is required and as instructed according to Islamic teachings. Insurance is taken as an approach to maintain property. Sheikh Al-Mane a affirmed that, there is no difference between commercial and cooperative insurance as they both share the same five elements: insured, insurer, installment, the location insured and remunerations. Both types of insurance are alike in terms of application, and all parties involved can benefit from them. He also focused on insurance as a way to preserve and maintain property and personal funds as a Muslim is requested to seek all legitimate ways to accomplish this objective and exclude illegal activities such as usury, drugs and arms dealing, and money laundering. Sheikh Al-Mane a emphasized that: Money should not be hoarded by the rich, and that Zakat and donations should be offered for the needy and the less privileged people. There are other ways that preserve money such as mortgages, tourist checks, warranty, credit cards, and insurance. Replying to the argument that cooperative News insurance is personalized insurance Sheikh Al-Mane a said: That is not true. What we are talking about is unspecified cooperation. For example, bread can not be sold to a customer unless it is prepared, beginning with the growing of wheat, to transporting the wheat, milling, packaging, and then its sale. This implies that such cooperation in making bread was unintentional as everyone works on a specific task, paying no attention to the next phase. To answer a question about the importance of insurance, Sheikh Al-Mane a said: For example, security is a societal endeavor. The government allocates huge amounts to provide security to people and property. Similarly, insurance policies are contracted to offer peace of mind and comfort to people and get their property insured against loss, fire, robbery, and other dangers. He stressed his opinion that, cooperative insurance should be independent from financial corporations that offer the schemes. Insurance companies do not rely on insurance installments only but also on other financial and investment operations. This does not embody the common feature of insurance. Thus, insurance should be independent from the financial character of corporations. In response to a question about insurance contradicting Allah s will, Sheikh Al-Mane a said: Reliance on Allah is required and instructed under Islamic teachings and we have to use all legitimate means to fulfill this endeavor. Reliance on Allah does not conflict with utilizing proper and legal means to achieve this goal. For example, the failure of a SR 100 million project shall be catastrophic to owners and shareholders in the absence of insurance. However, when it is insured, owners and shareholders can receive proper reimbursements and resume work anew. As for me, I legalize brokering and subscribing in local insurance companies if they run non-insurance investments according to Islamic rules. < August

12 Insurex 2008: Satisfying Insurance Leaders Demands Dr. Al-Shareef: Penalties will be imposed for delayed application of the insurance programme Focusing on the challenges faced by the region s insurance sector, including the skills shortage, corporate governance, and risk management approaches, Insurex 2008 gathered together over 40 GCC-based insurance firms in Dubai recently. The conference tackled various issues affecting the insurance sector such as the future of the industry in the GCC post-gat, the GCC insurance and reinsurance markets, rigorous claim processing, GCC insurance investment, and consolidation in the GCC following the global economic downturn. Over a two day period, the Conference discussed lessons learnt from insurance firms in the Middle East region looking to introduce and develop a variety of insurance schemes, as well as issues such as regional medical practices, sector, state medical policies, and how the government is looking to enforce compulsory insurance in Dubai. Dr. Abdullah Al-Shareef, Secretary-General of the Cooperative Medical Insurance Council shared his thoughts with the audience about how much progress the Saudi insurance sector has made following the introduction and the implementation of the Compulsory Insurance Programme: Several measures have been taken to enforce this law, including the non-renewal of residence permits without a valid insurance policy and fining sponsors and employers who do not insure employees. The first phase of this Law covers all expatriates, six million people in total. The final phase of this programme shall extend to Health services 23.6% 57.3% 19.1% Private Sector Ministry of Health Other 19% 57% Chart 1 24% all nationalities, including Saudi citizens working in the private sector. During the Conference, a workshop was organized by Waseel about electronic insurance systems and the adoption of standards for pharmaceutical claims which account for 60% of all medical insurance claims. Mr. Saleh Al-Omair, CEO of Saudi Solidarity Company spoke to the audience about the Kingdom s experience in compulsory medical insurance and how the sector looks moving forward. The highlight of the Conference was a discussion between national insurance industries on how to collaborate to create a pan-gcc industry, and face common issues such as building awareness among the public, promoting legislation favourable to the insurance sector, and developing local talent. With invitees from insurance companies, insurance union representatives, as well as public officials responsible for regulating the insurance sector across the Middle East and North Africa, Insurex was the event of the year for the insurance industry. < 12 THE COOPERATIVE HEALTH INSURANCE

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14 نشرة الا صدار طرح (٢٠ ٠٠٠ ٠٠٠) عشرين مليون سهم عادي تمثل ٢٥ من را س مال شركة المتوسط والخليج للتا مين وا عادة التا مين التعاوني ميدغلف وذلك من خلال طرحها للاكتتاب العام بسعر( ١٠ ) عشرة ريالات سعودية للسهم ال شركة المتوسط و الخليج للتا مين و ا عادة التا مين التعاوني- ميدغلف شركة مساهمة سعودية (تحت التا سيس) بموجب المرسوم الملكي رقم م/ ٦٠ وتاريخ ١٤٢٧/٩/١٨ ه وقرار مجلس الوزراء رقم ٢٣٣ وتاريخ ٢٧/٩/١٦ فترة الاكتتاب من يوم ١٤٢٨/١/٢٩ ه ) الموافق /٢٠٠٧ /٢ ١٧ م) ا لى يوم /١٤٢٨ ٢/٨ ه (الموافق ٢٠٠٧/٢/٢٦ م) شركة المتوسط والخليج للتا مين وا عادة التا مين التعاوني -ميدغلف(يشار ا ليها فيما بعد ب"الشركة" ا و "ميدغلف السعودية") هي شركة مساهمة سعود التا سيس بموجب قرار مجلس الوزراء رقم (٢٣٣) تاريخ ١٤٢٧/٩/١٦ ه الموافق ٢٠٠٦/١٠/٩ م. والمرسوم الملكي رقم (م/ ٦٠ ) الصادر بتاريخ ١٤٢٧/٩/١٨ ه الموافق ١٠/١١ يبلغ را س مال الشركة (٨٠٠ ٠٠٠ ٠٠٠) ثمانماي ة مليون ريال سعودي مقسم ا لى (٨٠ ٠٠٠ ٠٠٠) ثمانين مليون سهم بقيمة اسمية قدرها (١٠) عشرة ريالات للسه انتهاء الاكتتاب (كما هو موضح ا دناه) وانعقاد الجمعية العامة التا سيسية للشركة. سوف يتم تقديم طلب ا لى وزير التجارة والصناعة لا علان تا سيس الشركة. الشركة مو سسة من تاريخ صدور القرار الوزاري با علان تا سيسها. سيكون الطرح الا ولي للاكتتاب العام في الشركة ("الاكتتاب" ا و "الاكتتاب العام") لعدد (٢٠ ٠٠٠ ٠٠٠ )عشرين مليون سهم ("ا سهم الاكتتاب" و كل منها اكتتاب") وبقيمة اسمية للسهم قدرها (١٠) عشرة ريالات سعودية. تمثل بمجملها نسبة ٢٥ من را س مال الشركة. يقتصر الاكتتاب على الا شخاص ال An Insurance Group with an extensive regional and قبل المساهمين المو سسين بشكل ري يسي في عملية الاستحواذ على الحقيبة التا مينية السعودية المملوكة حاليا لميدغلف البحرين. international network Group الطبيعيين (ويشار ا ليهم مجتمعين ب"المكتتبين" ومنفردين ب "المكتتب"). كما يجوز للمرا ة السعودية المطلقة ا و الا رملة التي لها ا ولاد قصر من زوج غير س تكتتب با سماي هم لصالحها. وسيتم استخدام صافي متحصلات الاكتتاب بعد خصم مصاريف ما قبل التشغيل بما فيها مصاريف الاكتتاب ورا س المال المد قبل اتمام الاكتتاب العام اكتتب كل من المساهمين المو سسين للشركة الواردة ا سماو هم في الصفحة (ع) ويشار ا ليهم مجتمعين ب"المساهمين المو سسين" بما م (٦٠ ٠٠٠ ٠٠٠) ستون مليون سهم تمثل نسبة ٧٥ من ا جمالي را س مال الشركة وبالتالي سيحتفظون بحصة مسيطرة فيها. يجب على كل مكتتب با سهم الاكتتاب (يشار ا ليه ب " المكتتب" ومجتمعين ب" المكتتبين") الاكتتاب ب( ٥٠ ) خمسين سهم كحد ا دنى كما ا ن الحد الا ق مكتتب هو (١٠٠ ٠٠٠) ماي ة ا لف سهم. ا ن الحد الا دنى للتخصيص هو (٥٠) خمسون سهم لكل مكتتب وسيتم تخصيص ما يتبقى من الا سهم المطروحة للاك وجدت) على ا ساس تناسبي بناء على نسبة ما طلبه كل مكتتب ا لى ا جمالي الا سهم المطلوب الاكتتاب فيها. وا ذا تجاوز عدد المكتتبين (٤٠٠ ٠٠٠) ا ربعماي ة ا لف فا ن الشركة لا تضمن الحد الا دنى للتخصيص وسيتم التخصيص بالتساوي على عدد المكتتبين. وسوف يتم ا عادة فاي ض الاكتتاب (ا ن وجد) ا لى المكتتبين دون ا ي ا و استقطاعات من البنوك المستلمة. وسيتم الا علان عن عملية التخصيص ورد الفاي ض في موعد ا قصاه يوم ١٤٢٨/٢/١٤ ه (الموافق ٢٠٠٧/٣/٤ م) (راجع قسم وتعليمات الاكتتاب التخصيص ورد الفاي ض"). سوف تكون ا سهم الشركة من في ة واحدة تضم ا سهم المساهمين المو سسين وا سهم الاكتتاب ولا يعطى ا ي مساهم حقوق تصويت تفضيلية حيث يعطي ك حامله الحق في صوت واحد. ويحق لكل مساهم يمتلك (٢٠) عشرين سهما على الا قل حضور اجتماعات الجمعية العامة ("اجتماع الجمعية العامة") والتصوي وستستحق الا سهم المطروحة للاكتتاب ا ية ا رباح تعلنها الشركة بعد بداية فترة الاكتتاب والسنوات المالية التي تليها. (راجع قسم " سياسة توزيع الا رباح"). ليس هناك سوق لا سهم الشركة سواء داخل المملكة العربية السعودية ("المملكة") ا و ا ي مكان ا خر قبل طرحها للاكتتاب العام. وقد تقدمت الشركة بطل السوق المالية بالمملكة ("الهيي ة") لتسجيل الا سهم في القاي مة الرسمية وتمت الموافقة على نشرة الا صدار هذه وتم استيفاء كافة المستندات المو يدة التي الهيي ة. وقد تم الحصول على جميع الموافقات الرسمية للقيام بعملية طرح الا سهم. ومن المتوقع ا ن يبدا تداول الا سهم في السوق في وقت قريب بعد الانتهاء م تخصيص الا سهم وصدور القرار الوزاري با علان تا سيس الشركة (راجع قسم "تواريخ مهمة للمكتتبين") وسيسمح لمواطني المملكة العربية السعودية وللشركات وصناديق الاستثمار السعودية بالتداول في الا سهم بعد بداية تداول الا سهم في السوق. يجب دراسة قسمي ا شعار "هام" و "عوامل اخملاطرة" الواردين في نشرة الاصدار هذه قبل اتخاذ قرار الاستثمار في ا سهم الاكتتاب بموجب هذه النشرة. المستشار المالي مدير الاكتتاب متعهدو التغطية البنوك المستلمة تحتوي نشرة الا صدار هذه على معلومات تم تقديمها حسب متطلبات قواعد التسجيل والا دراج الصادرة عن هيي ة السوق المالية بالمملكة العربية السعودية (والم ب"الهيي ة") ويتحمل ا عضاء مجلس الا دارة اللذين تظهر ا سماو هم في الصفحة (د) مجتمعين ومنفردين كامل المسو ولية عن دقة المعلومات الواردة في نشرة هذه ويو كدون حسب علمهم واعتقادهم بعد ا جراء جميع الدراسات الممكنة وا لى الحد المعقول ا نه لا توجد ا ي وقاي ع ا خرى يمكن ا ن يو دي عدم تضمينها في الن جعل ا ي ا فادة واردة فيها مضللة. ولا تتحمل الهيي ة والسوق المالية السعودية ا ي مسو ولية عن محتويات هذه النشرة ولا تعطي ا ي تا كيدات تتعلق بدقتها ا و ا وتخلي نفسها صراحة من ا ي مسو ولية مهما كانت عن ا ي خسارة تنتج عما ورد في هذه النشرة ا و عن الاعتماد على ا ي جزء منها. صدرت هذه النشرة بتاريخ ١٤٢٨ ١/١٥/ ه (الموافق ٢/٣/ In 1999, the collaborative Medical Insurance Law was promulgated as per Royal Decree No. M/10, dated 1/5/1420 H. In 2003, The Collaborative Medical Insurance Companies Controlling Law was issued as per Royal Decree No. M/23, dated 2/6/1424 and its Executive Regulation allowing for many local insurance companies to be licensed. A new era for the insurance business in the Kingdom began to take shape with the formation of many insurance firms according to the above laws. The Collaborative Medical Insurance Magazine aims to tackle this booming sector. In the firs issue of the Magazine, we will review one of the most reputable companies operating in this vital sector, the Saudi MedGulf Group. 14 THE COOPERATIVE HEALTH INSURANCE

15 Qualified Saudi MedGulf Group Saudi MedGulf Group is a Saudi Joint Stock company formed in October, 2006 as per a Royal Decree and the Cooperative Medical Insurance Companies Monitoring Law as a cooperative insurance company. The Company s capital is SR 800 million divided into 80 million shares. The founders signed up for 60 million shares constituting 75% of the capital to be deposited in an account opened with the Saudi Investment Bank and 20 Million shares were announced for IPO at SR 10 per share. As the new joint venture was duly formed and licensed by the Saudi Arabian Monetary Agency (SAMA) to embark upon the collaborative insurance business home and abroad, Saudi MedGulf Group began to offer all types of insurance solutions to clients including vehicle insurance, third party responsibility insurance, property insurance, marine insurance, air cargo insurance, energy insurance, construction and engineering insurance and medical insurance together with saving and protection insurance. Over 553 employees work in the insurance department, Insurance Brokers Department, and Claim Processing Unit at MedGulf. Company Profile MedGulf Group launched its first operations in Bahrain in 1997 as offshore entity, and began to offer insurance solutions in Saudi Arabia through Al- Sameya Trading Est. (now known as Al- Samyah Co.) using an exclusive agency contract. In 1997, the Group acquired Strikers Insurance & Reinsurance Co. in Lebanon and Asia Assistance Claim Management and Medical Networks Co. (where the Group s total capital never exceeded US$5 Million). In 1998, Al- Azezyya Investment Co. presided by HRH Prince Al-Waleed bin Talal bin Abdulaziz Al Saud and the Mediterranean Group owned by the heirs of Rafiq Al-Hariri invested in MedGulf, raising the capital to US$15 million. Furthermore, the Group acquired the Arab International Insurance Co. of Lebanon to form MedGulf Holding Co. in Lebanon. In 1999, both Addison Bradley International of Lebanon and Addison Bradley & Co. of UK (insurance brokers) joined the MedGulf Group. MedGulf s soaring growth continued through a series of acquisitions of Arc Insurance Co. of Cyprus, and Medical Express Co. registered in the British Jersey Islands (changed later to MediVisa Co. in 2000). In 2002, MedGulf Group acquired 4% of OmniLife of UK. In 2003, Addison Bradley Arabia was formed in Bahrain and opened a branch in Dubai. The MedGulf Group was licensed to duly operate in the insurance business in Bahrain. The Group s growth reinvested profits and its capital in Lebanon reached SAR78 million. Bahrain MedGulf s total equity rose to some SAR 264 Million. In 2004, MedGulf approached SAMA for a business license in Saudi Arabia. In 2006, MedGulf s ownership in OmniLife Co. was raised to 62.4%, and allowed MedGulf to managing OmniLife Co. Branches of Addison Bradley Arabia and MediVisa were also established in Jordan, where MedGulf was fully licensed in both Jordan and KSA. MedGulf entered the Turkish insurance market after forming Addison Securta Hezmetlery Co. in Istanbul. In 2006, total insurance premiums accrued by MedGulf rose to SAR 773 million. Mission and Strategy The Group has looked to build a solid client base in the Kingdom through its strategy of providing real benefits to people in acceptance with socioeconomic and Islamic principles. With the Kingdom s insurance business rapidly maturing and still below its potential relative to GDP, the Saudi insurance << August

16 market offers a real opportunity for growth and expansion. Some Group officials claim that: The absence of governing insurance regulations in the past caused many to hold a bad impression about the insurance sector. MedGulf holds itself and counterparts responsible for correcting such bad impressions through adopting a code of ethics and rules to act upon them, taking into account that the restrictions and regulations set forth by SAMA have considerably helped in this regard. Activities Over the past few years, the Group has rapidly established itself in the insurance world, and has become one of the largest insurance provider in the region and internationally. MedGulf Group is engaged in high profile business ties with major global banks and corporations such as Saudi Oger Holding Co. Kingdom Holding Co. the Saudi Investment Bank, etc. These partners hold huge portfolios and reserves as well as commercial and residential facilities and are involved in construction and industrial projects both at home and abroad. In fact, the insurance polices subscribed by such partners yield constant revenues. Upon the Group s acquisition of Bahrain MedGulf, the Group had to extend insurance coverage to the above partners. The Group s expansion has been significantly helped in developing its experience and international expansion by its past agency agreement with Al Samyah Trading Co. Assisted by Al Samyah Trading Co., MedGulf Group has trained countless fresh Saudi graduates at specialized local and Gulf training centers to produce a new generation of leaders for the Group s operations. Wide-Flung Geographic Presence Further to contracting a network of brokers and agents, the Group is now trying to extend sales offices to regions not currently served by the insurance sector as well as raising services levels for clients across the Kingdom. MedGulf Co. is the Kingdom s first insurance company under formation in terms of capital, and the second in terms of portfolio volume. This distinguished financial standing has qualified the Group to enter into high payoff reinsurance agreements with reputable international corporations, allowed MedGulf to manage highrevenue contracts, and keep the firm from fluctuations faced by similar insurance companies caused by endless claims, high cost indemnities, abrupt reinsurance markets falls, and force majures-related risks. MedGulf Co. runs an extended network comprising around 350 medical service providers, eighty five of which are reputable hospitals scattered the Kingdom, including in remote areas. In addition, MedGulf has appointed around 28 representatives in major medical facilities to provide patients insured with immediate medical services. This massive network could offer the Group with unprecedented medical compensations with major healthcare providers. The Group s regional and international presence in Bahrain, Jordan, UAE, Turkey, and UK together with its exclusive contractual business bonds with global major corporations have afforded it with a constant competitive edge and greater capability to access more clients in other parts of the world. Insurance Services As Saudi MedGulf is a substantial part of a business group that is MedGulf, the company is able to offer a wide variety of services connected to insurance, reinsurance, brokerage, protection and savings insurance, insurance solutions, risk management and claim processing. However, the most important insurance offered by MedGulf is medical, where it affords full medical insurance programmes covering medicines, treatment, and other healthcare programs management. Insurance policies provided by MedGulf covers primary care and outpatient clinics, diagnosis services, surgical and pharmaceutical services, and other options connected to pregnancy and postnatal follow-ups, dental and eye treatment. The gradual application of the Obligatory Medical Insurance Law has enabled MedGulf to record good growth rate. As for vehicle insurance, MedGulf offers the Sayyar Programme as an integral insurance coverage programme combing all vehicle insurance benefits, passenger insurance, and third party responsibility insurance. The Group expects a huge rise in the vehicle insurance sector as the government enacts and put the Obligatory Vehicle Law into force. The insurance package offered by MedGulf covers all loss connected to fire, lightening, combustion, plane or car crush, earthquakes, commotion, strike, damage caused by civil violence, tornados, floods, etc. The Group s coverage limits may expand to touch other risks related to the removal of debris, rent loss insurance, firefighting operations, work stoppages, sabotage, and terrorism. The property insurance afforded by MedGulf includes damages and faults to residential and commercial buildings, contents of buildings, and other risk resulted from or connected to robbery and forced entry. As for cargo and ship insurance, the scheme comprises two basic models; merchandise insurance and ship insurance. In general, merchandise insurance is applicable to cargos transported overland, by sea and by air, where the insurance is contracted for the risks coming from loss, damage, and short shipments. Shipment insurance tackles the risks 16 THE COOPERATIVE HEALTH INSURANCE

17 Qualified connected to technical breakdown, piracy, sinking and any other risks faced by ships in high seas. The engineering insurance provided by MedGulf covers all risks befallen to buildings, constructions, mechanical, electronic, or electrical breakdowns, etc. The basic types included in the engineering insurance are contractors insurance, constructions insurance, faulty machinery insurance, and loss of profit insurance. Air insurance includes airplane insurance and any commitment resulting thereof such as but not limited to war insurance, personal incidence insurance, loss of pilot s license insurance, where pilots can claim their license back once withdrawn for disease or physical affection. The air insurance is also applicable on airport owners and operators, where MedGulf offers insurance in the form of reinsurance contracts with international reinsurance companies. This model of insurance is expected to rise with licensing private airline corporations in the Kingdom. Energy insurance tackles oil and petrochemical industries, oilrigs, and storage facilities. This type of insurance holds high growth potential as the Kingdom has recently upgraded refining and production capabilities, and launched new wide-scale projects. Protection and savings insurance comprises the consequences related to death, partial, complete, or ad interim inability and other contracts where the insurer pays installments including his savings in future date in return for contributions disbursed to the insured. Partners Further to Saudi MedGulf s reliance on Bahrain MedGulf to provide expertise and technical infrastructure, especially in early years of foundation, Saudi MedGulf has close business ties with Al Samiayh Trading Co., Nejm Co., and MediVesa together with other insurance agents and brokers to access the widest geography for its clients and customers. MedGulf s success is based on its local, regional, and international presence comprising many affiliates, each of which operates specialized or supporting activities. The major affiliates are: A. The Mediterranean and Gulf Insurance & Reinsurance Co. (MedGulf) in Bahrain, Lebanon, and Jordan. B. Addison Bradley which runs the insurance brokerage business in Lebanon, UK, Bahrain, Dubai, and Jordan. C. MediVisa Claim Management and Medical Network Co. in Dubai, Bahrain, and Jordan. D. OminLife Co. of UK.< August

18 Medical Insurance and the Local Public. What are the benefits? Prepared by: Hani Nadeem Most advanced societies aspire to a system which can deliver social, medical and educational benefits in equal measure, a state system which can cater to all its citizens. In today s world, the success of any government is measured by the quality of social and educational benefits it offers to its citizens. The private sector has followed suit, and today s businesses offer their employees similar medical and social benefits in a bid to increase productivity and prove their social corporate responsibility to the community. With the setup of the first collaborative medical insurance system in the Kingdom of Saudi Arabia in 1920, the Collaborative Medical Insurance Council was tasked with creating and developing a culture of medical insurance amongst Saudi nationals.the Council was also responsible for monitoring the system s implementation and insurance firms active in the Saudi market. Creating insurance awareness is one of the biggest challenges facing national lawmakers and private insurance service providers today. The Kingdom s insurance industry is taking its first steps in developing comprehensive national insurance solutions that can provide full coverage at prices affordable for the population. Over the past few decades, the Kingdom of Saudi Arabic has scored highly in almost every aspect of economic and social development. One of the best examples of Saudi s progress is in the healthcare sector; the country s medical services are the best in the world and can be compared positively to healthcare systems in the Western world. Similarly, the number of people insured has grown as insurance providers increase the Al Mubarak: The progress achieved by governments is measured by the quality of healthcare and educational services they provide to their people. number of schemes available to Saudi nationals and expatriates, who are now very much aware of the need for comprehensive medical coverage. Achieving these goals, of creating an understanding as to the need for insurance and its benefits and ensuring that healthcare is available to all, has led the Collaborative Medical Insurance Council work hand in hand with the Kingdom s Ministry of Health and private insurance corporations to educate the public through media outreach and public relations. The Collaborative Insurance Magazine invited Mr. Sami Abdullah Al Mubarak, General Manager of Riyadh s Labor Office and a Member of the Collaborative Medical Insurance Council and Mr. Naser Sultan Al Sobaie, Vice Chairman of Al Mowasa Medical Services Co. and also a Member of the Collaborative Medical Insurance Council, to discuss how far we ve come in meeting these targets and how much more has yet to be done. To begin, Al Mubarak was asked about how the concept of medical insurance has changed in the local community and perceived improvements to the system following the adoption of the medical 18 THE COOPERATIVE HEALTH INSURANCE

19 From All Directions The positive aspects of medical insurance are immense, as public health is a top priority for our government, which has tried its best lower the cost of healthcare and make it affordable to all. insurance law recently. Al Mubarak said: The positive aspects of medical insurance are immense, as public health is a top priority for our government, which has tried its best lower the cost of healthcare and make it affordable to all. The formation of a number of new insurance players in the country has proved to be significant in a number of ways; these providers have invested heavily in our healthcare system and they ve also helped to sustain our economic growth. We ve also seen national healthcare practitioners enter the insurance market. As the insurance industry has grown, its only natural that competition delivers better services at lower prices. I personally believe that the insurance sector will enjoy unprecedented growth for the coming years, and will be a major employer in Saudi Arabia, noted Al Mubarak. From an Islamic perspective, medical insurance is based on the Sunna and means providing healthcare to the local community through cooperation and collaboration. In other words, the costs of one person s treatment should be shared by others to form the basis of a caring, compassionate medical system, explained Sobaie. Collective insurance policies cost less than individual insurance policies. This approach will reflect positively on our community spirit and boost our nation s prosperity and productivity, as well as extending equal insurance coverage to both nationals and expatriates. As for the economic repercussions of medical insurance, Dr. Sobaie said: Such systems can offer many job opportunities for Saudi nationals and help employers monitor working hours, sustain collaborative insurance businesses and help ensure that healthcare corporations efficiently run healthcare facilities, accumulate capitals, and lastly, upgrade the efficiency of the national economy. As of today, the insurance sector contributes 5% of the national GDP. Al Mubarak was then asked about how the insurance business can play a critical role in raising the level of healthcare services, and whether or not healthcare service levels have improved following the introduction of the insurance law. Al Mubarak << August

20 replied: The progress achieved by governments is measured by the quality of healthcare and educational services they provide to their people. With more economic growth, and high-level local services, those receiving such services will in turn play a much fuller role in the economy as well as enjoying a stronger sense of national pride. Dr. Al Sobaie added: The application of the collaborative medical insurance policy will help to maintain the quality of medical services, improve the professional standards adopted by healthcare facilities, which require substantial levels of funding to purchase the latest equipment, support research into disease prevention and treatment, and hire more qualified staff members. In addition, medical insurance will shoulder some of the state s burden in terms of health spending, extend medical services at competitive prices to the general population, inject growth into the national pharmaceutical industry, improve the country s health indicators, control diseases, epidemics, and contain the soaring prices of medical services. The Kingdom of Saudi Arabia allocates around 15% of its public budge for medical service. Al Mubarak explained: As a general principle, medical insurance imposes lower financial burdens on beneficiaries and ensures that medical treatment is accessible to the vast majority of people. The combination of accidents, population growth, and higher medication costs has affected the medical sector. Now, I think it is the right time to educate Dr. Al Sobaie: The application of the collaborative medical insurance policy will help to maintain the quality of medical services. people about the benefits and advantages of medical insurance: - The sustaining of the country s social equality and unity. - Insurance is the best solution for the rising prices of medical services; the more people adopt insurance, the cheaper medical costs will become. - Medical insurance is the best choice for providing the highest quality medical services at competitive prices. - Medical insurance ensures that healthcare resources are utilized more efficiently, which in turn means that spending in both the public and private medical sectors covers more of the population. Finally, Sobaie concluded by saying: The Kingdom is enjoying an unprecedented economic boom across every single industrial sector. This growth has impacted upon the number of expatriates, which we expect will soon reach seven million people. Each and every insurance resolution passed in the Kingdom has aimed at delivering twofold, to further our economy and to ensure the health of our citizens and expatriates. We are moving in the right direction, and it s only natural that once we tackled basic development issues such as illiteracy that we d look at improving our healthcare services to become the most advanced in the world. Our health is our most important gift, and as a spelt out by the International Charter of Human Rights it is the right of all to have access to good, capable medical care. The Kingdom s government should be applauded for the route they are taking. < 20 THE COOPERATIVE HEALTH INSURANCE

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