Question

Q2. Identify any two insurance companies in Kingdom of Saudi Arabia and explain any two insurance products offered by them. Your answer should be based on following points:

  

1. Name of the Company
2. Type of Insurance
3. Premiums
4. Significant features of the insurance product

Answer 1

1) i. Tawuniya

ii. Type of Insurance: Private Motor Insurance (Al-Shamel)

iii. Premiums: Starting from SAR 1100

iv. Significant features: Indemnify against Accident, Loss or Damage to the vehicle; Third Party Liability (Upto 10,000,000 SAR); Theft; Fire; Hail & Flood covered; Countrywide workshop network

2) i. Tawuniya

ii. Type of Insurance: Medical Malpractice Insurance

iii. Premiums: Starting from SAR 420 for a General Surgeon

iv. Significant features: A program protects those persons practicing medical professions from the risks associated with their work, and the legal third party liability that may arise out of any error, negligence or omission incurred during the performance of their work according to the terms, conditions and exclusions set forth in the insurance policy. Persons eligible for this program

• Surgeons, obstetrics & gynecology and anesthesia specialists
• Doctors of other medical categories
• Pharmacists
• Nurses and technicians
• Paramedics and technicians

Advantages:

• The policy is compatible with the laws and regulations of the Saudi Commission for Health Specialties
• The policy provides protection against the financial consequences arising out from any error, omission or negligence committed in practicing the medical profession
• The Insured's legal liability towards the third parties is covered for all financial amounts and legal costs pronounced against him
• Proving the existence of insurance cover protects the Insured in the case he/ she has been deprived or prohibited from traveling outside the Kingdom during the course of any lawsuit versus him/ her.

3) i. MedGulf

ii. Type of Insurance: Family Group Health Insurance

iii. Premiums: Starting fron SAR 300

iv. Basic Insurance Coverage includes:

• Medical consultation
• Prescriptions
• Diagnostic lab tests
• In-network hospital admission
• Surgeries

MEDGULF Group Health Insurance Benefits:

• Wide range of products customized to fit the needs of your corporation
• Network of hospitals and medical centers from all around the Kingdom
• Direct settlement for preplanned treatments
• Direct settlement for payment claims
• Personal insurance card and MEDGULF in-network booklet
• 24/7 emergency hotline for urgent conditions from within or outside of the kingdom
• 24/7 client’s hotline for inquiries
• Managing the client’s services through our website

4) i. MEDGULF

ii. Type of Insurance: Marine Cargo Insurance

iii. Premiums: Starting from SAR 1500

iv. Significant features: The policy covers the loss of, or damage to, goods at sea/ air/ land. Marine insurance typically compensates the owner of merchandise for losses endured in excess of those which can be legally recovered from the carrier that are ensued from fire, piracy and various other causes.

Land transit insurance

The policy covers the losses occurring to the goods during transport by road owing to an accident covered by the insurance and resulting in overturning, fire or collision of a vehicle with a carrier, leading to damage of the cargo loaded on the goods-carrying vehicle.

The open cover policy

This policy provides the insured coverage for all cargos within the scope of the contract. Each cargo and its details shall be notified to the insurance company in declaration form. The company shall issue a certificate of insurance for shipments.