Sunday 22, July 2018 by Kudakwashe

Saudi insurance firms begin charging high premiums on elderly clients


Insurance companies are asking for medical reports in order to come up with a suitable premium for clients who has crossed the age of 70.


Saudi Arabia insurance companies are refusing to provide medical coverage to applicants over 70 years of age.

Insurance firms require medical report as a prerequisite to deny medical cover, with some charging high premiums to turn away the elderly.

The prices of premiums charged by other companies is now based on the client’s age. Premiums for clients aged 66 and above are five or six times more than normal premiums for people aged below 55 years. Health insurance for the elderly cost SAR 14,000 while it is only SAR 1,850 for younger clients.

Some insurance firms inform clients of their inability to provide the service after looking at the age of clients but the service will be extended to other age groups, reported Saudi Gazette.


Features & Analyses

Economics Adapting to a new era

  Abdullah Al-Fozan, Chairman of KPMG MESA and KPMG Saudi Arabia, provides an exclusive commentary on the Kingdom’s business… read more