SAUDI ARABIA – Cigna Worldwide Insurance Company has received regulatory approval from the Saudi Central Bank (SAMA) to operate as a health insurer in the Kingdom of Saudi Arabia.
This marks Saudi’s first foreign health insurance company operating in the country.
Saudi Central Bank has chosen Cigna Worldwide which is part of the Cigna Corporation serving over 180 million customers and patients in over 30 countries around the world.
The licensing of new foreign branches aims to fulfill the objectives of the ‘Rules for Licensing and Supervision of Branches of Foreign Insurance and Reinsurance Companies’ in Saudi Arabia.
It is part of SAMA’s initiative to encourage foreign direct investment to increase the competitiveness of the health insurance sector and utilize the potential of the Saudi economy.
The branch license will allow Cigna to offer its best-in-class high-quality, affordable, and localized health insurance solutions to individuals, companies, and government entities across Saudi Arabia.
It will enable the global health service company to solidify its network in support of the Kingdom’s growth ambitions.
Following the regulatory approval, Cigna will deliver a unique value proposition to Saudi clients through a host of proprietary health and well-being products and services.
“Cigna is committed to the growth of the health insurance sector in the Kingdom of Saudi Arabia in line with Vision 2030,” the company said in a statement.
The recent development also marks a significant milestone for Cigna in Saudi Arabia and across the Middle East and Africa region, where it has been in operation for over 17 years.
As a champion of affordable health insurance solutions, Cigna is constantly exploring opportunities in markets with growth potential to enable it to deliver market-leading health and well-being services.
It delivers health and wellness services to clients in the Gulf Cooperation Council (GCC) countries and Lebanon through its locally regulated entities.
The company plans to expand its footprint in the MENA region by delivering excellent customer, client, and broker services to the citizens and residents of the Kingdom of Saudi Arabia.
Cigna will develop a tailor-made proposition for the Kingdom in ongoing efforts to improve the health, well-being, and peace of mind of people across the country.
“Cigna has been in the region for nearly two decades, initially through local partners and then independently,” stated Jason Sadler, President of Cigna International Health.
He pointed out that customer knowledge and know-how of the Middle East market will enhance the company’s ability to offer health insurance schemes that are ideal for clients in Saudi Arabia.
“This momentous occasion represents an exciting step along our growth journey in the Kingdom of Saudi Arabia and the region,” President Sadler reaffirmed to the clients.
Moreover, the license will pave the way for Cigna to provide healthcare, clinical management, and wellness programs to employers, individuals, and government entities across Saudi Arabia.
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