The insurance industry in Saudi Arabia has been flourishing for the past few years and effectively resisted the after-impacts of recession, RNCOS said in its "Saudi Arabia Insurance Market Analysis" report, primarily due to the strong domestic funding and high investments level. Strict regulation on the part of Saudi Arabian Monetary Authority (SAMA) facilitated the market developments and better laws further improved the structure, it added. "Saudi health insurance has emerged as one of the fastest growing segments in the Saudi Arabian insurance sector. With 53 percent share of the total insurance premium during 2010, health insurance has become a key growth driver for the overall market," the report said. Moreover, as health insurance has become compulsory for expatriates, the Kingdom is on its way to witness significant surge in the number of insured people. The share of gross health insurance is likely to reach around 59 percent by 2014 end. Under the general insurance sector, sub-segments, such as engineering insurance, aviation insurance, and motor insurance will contribute towards the growth of the overall industry. Impressive performance by these segments is likely to propel the general insurance sector which, in turn, is expected to grow at a CAGR of around 12 percent during 2011-2014. The future outlook of Saudi Arabia insurance sector is highly optimistic as there is a strong inherent growth potential in the market. Factors, such as low penetration, strong government support, and rising awareness level are likely to propel the number of persons opting for insurance plans. Takaful insurance, in such a scenario, will play a vital role, the report added. Dr. Soliman Fakeeh Hospital (DSFH) in Jeddah has made many achievements since its foundation in 1978. It has been a true leader in the field, whose pioneering spirit and visionary resolve has - for over three decades – advanced by leaps the standards of healthcare delivery in the Kingdom and in the region and has reaped many accolades for it achievements in the medical field and community services. Under the skilled leadership of Dr. Mazen Fakeeh, its Director General, this year alone, Dr. Soliman Fakeeh Hospital received the third place in King Khalid Award for Sustainability during the Global Competitiveness Forum. DSFH has also won the "Excellence in Patient Centered Care Award" as part of the yearly Achievement and innovation Awards of Arab Health exhibition. Those awards are given for a number of individuals and institutions in recognition of their outstanding achievements and contributions in supporting and developing the sector of health and medical care in the Arab region. The Kingdom's medical industry has made giant strides to further improve its services and competence. The 300-bed International Medical Center (IMC) in Jeddah is a multi-specialty hospital offering services delivered by more than 150 US, Canadian and European certified medical professionals. It has been chosen for Hospital Build Awards in Dubai for the year 2011 on the “Best Hospital Design in the Middle East” in recognition for its unique “Healing by Design” concept which incorporates elements that promotes healing of patients, such as natural sunlight in all rooms, garden spread around the hospital to provide a healing environment, which makes IMC a pioneer in applying medical and architectural international standards. Prior to this honor, its chairman of the board and CEO Dr. Walid Fitaihi was also a recipient of the “Best CEO in Health Care Sector” in the Middle East last year.
