The Saudi Ministry of Education recently approved an allocation of 240 million Saudi riyals ($64 million) to fund a cooperative health insurance system for over 200,000 teachers, according to Al-Hayat daily.
The three year long insurance contract, signed between the ministry and a local insurance company, Mithaq, will be implemented from the beginning of the upcoming academic year, September 1. Under the insurance plan, Saudi teachers will be entitled to receive medical treatment at over a 100 hospitals and medical centers in the Kingdom.
With the implementation of the cooperative health insurance system, the value of the local insurance market is estimated to rise to SR 11 billion ($2.9 billion), as some seven million people are expected to join the system at this point.
Official statistics show that 80 insurance companies, with approximately SR 2.5 billion ($666 million) in installments are currently operating in Saudi Arabia. — (MENA Report)
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