IA studies cancelling medical approvals: CEO

The Insurance Authority (IA) and other relevant entities and experts, are studying to cancel approvals for health insurance services. This move aims to make it easier for beneficiaries and avoid late approvals, Alriyadh newspaper reported, citing CEO Naji Al-Tamimi.

There are some concerns that canceling approvals could lead to excessive healthcare costs, which may weigh insurance prices. However, Al-Tamimi emphasized that IA seeks to strike a balance, and a thorough study will help in making the right decision, ultimately benefiting the insured individuals.

IA received over 400,000 complaints against insurance companies in 2024, with the complaint resolution rate exceeding 99% and customer satisfaction surpassing 95%.

Additionally, IA processed over 2,000 licensing and approval requests in the past period. The number of licensed companies in insurance, brokerage, consulting, and other insurance-related activities reached 220, with seven new insurtech companies granted licenses. Furthermore, six foreign companies received preliminary approvals, while five foreign companies were granted final licenses to operate in the Kingdom’s insurance sector.

Al-Tamimi also announced plans to publish KPI reports on insurance companies, starting with complaint-to-beneficiary ratios in health and vehicle insurance policies. This initiative aims to encourage companies to improve service quality.