Types of insurance in the Kingdom of Saudi Arabia 2021

The executive regulations of the Insurance Cooperative Companies Control Act in the Kingdom of Saudi Arabia define insurance as "transferring the burden of risk from the insured to the insurance companies", and the insurance aims to "return the insured to their financial position immediately prior to loss ". A contemplation of the insurance market will find that there are different types of insurance, all of which aim to cover and compensate for potential risks, any risk can be measured, many times it can be insured. Therefore, insurance varies according to the variety of potential risks. In terms of coverage, insurance has been divided into 3 main types: (1) general insurance (2) health insurance (3) protection and savings insurance.

Types of insurance in the Kingdom of Saudi Arabia 2021

Different types of insurance have resulted from these types of insurance, including:

• Personal accident insurance: this type of insurance covers the dangers of personal accidents and provides compensation in the event of death or disability of a person due to his injury in an accident that occurs anywhere in the world.
• Work accident insurance: covers the costs of the risks of work accidents to employees and workers, which covers medical, legal and compensatory expenses.
• Product Liability Insurance: Covers the risks related to legal liability for injuries to people or property that occur as a result of the products supplied by the insured.
• Transfer money insurance: It is an insurance that covers the risks of theft or loss of money when transferring it from various places, such as between bank branches or between companies, banks and others.
• Vehicle insurance: It is one of the most popular types of insurance, which covers damage to vehicles arising from traffic accidents, fires, theft and others.
• Professional Liability Insurance: It is the coverage against the breach of the duty of the profession, such as negligence, error, omission or non-compliance, and the most important of this type of insurance is the insurance against errors in the exercise of medical professions.
• Medical Professions Errors Insurance: It is an insurance that covers all errors that occur by people who work in the medical field, such as doctors or nurses, among others.
• Theft and robbery insurance: It is an insurance that covers the costs of risks related to theft and that covers the value of goods and losses related to the use of force and violence.
• Property insurance: this type of insurance covers potential risks to private property, including factories, companies, merchandise and warehouses, since it is insured in the event of disasters such as fire, lightning or others.
• Fidelity Fidelity Insurance: Covers all economic losses that occur as a result of breach of trust by the insured's employees, whether due to criminal acts, theft or embezzlement of the insured.
• Marine insurance: Covers the risks of various accidents that occur on cruise ships, which can include risks related to goods, ships and passengers.
• Aviation or air insurance: Covers the risk of various accidents that occur in aviation, which can include risks related to passengers, aircraft, baggage and cargo.
• Road transport insurance: covers the risks related to road transport, being able to cover goods and vehicles.
• Energy security: the risks faced by energy facilities such as oil facilities, energy providers and the like.
• Engineering insurance: covers the risks of engineering works, which may include loss or actual damage to property, equipment, machinery, machinery, equipment and tools, liability to third parties.
• Health insurance (medical): It is an insurance that covers the costs of general illnesses and accidents and covers the costs of medicines, doctor visits, surgeries, all medical and therapeutic services and supplies, and the management of medical programs.
• Protection insurance: which is for the person to pay a contribution sum, provided that the company covers the risks related to the consequences of death and permanent total, partial or temporary disability for the individual and groups.
• Protection insurance with savings: It is a protection insurance in addition to the possibility of obtaining the result of the value of savings at a certain time in the future.
• Travel insurance: Covers various risks that may occur during the trip, such as loss of luggage, loss of money, flight delays and emergency medical cases.