Cigna eyes robust growth in Saudi healthcare market: President

Jason Sadler, President of International Health Business

Cigna Healthcare, the first foreign insurance company to have its branch licensed in the Kingdom, seeks to achieve strong growth in the Saudi health insurance market, given promising growth prospects offered by the Saudi market, and the various product options that meet the needs of different customers, Jason Sadler, President of International Health Business told Argaam.

Cigna is committed to providing high-quality affordable healthcare services in the Kingdom, despite rising medical costs globally.

Thanks to the country’s high population and the high youth percentage, there is an opportunity to enhance the importance of health insurance, in addition to providing innovative solutions in line with the evolving demographics. The company seeks to accelerate growth in the Kingdom and increase consumer options.

Cigna is located in the Middle East through local partnerships and has recognized the high growth potential in the Saudi market, which is considered the largest market in the region. The company has 30 employees currently in Saudi Arabia.

The Saudi Central Bank (SAMA) announced last February licensing the first branch of US Cigna Worldwide Insurance, which specializes in health insurance activities, bringing the total number of health insurance companies in the Kingdom to 25. This step is seen as a way to increase the quality of the Kingdom's health insurance services, promote the stability and growth of the insurance sector, and diversify investors and companies that add value.

According to official data, 37.5% of the Kingdom's adult population (15 years and older) will have private health insurance in 2023. The coverage ratio for Saudi nationals stands at about 20.5%, while the percentage for foreigners reached 53.6%.