Saudi Arabia records $2.8b insurance expenditure in Oct

FE Team | Published: November 13, 2023 23:49:17

RIYADH, Nov 13 (Arab News): Saudi Arabia has increased the disbursement of funds for various insurance benefits for the third consecutive month, with the spending surpassing SR10.7 billion ($2.8 billion) in October, according to recent data from the General Organisation for Social Insurance.
In October, GOSI allocated over SR87.2 million to the Saned unemployment insurance scheme, marking an increase from SR85.9 million in September. Additionally, more than SR16.3 million was earmarked for occupational hazard pensions, showing a slight drop from SR16.8 million the previous month.
As part of its digital transformation strategy, GOSI emphasized a complete shift toward reliance on digital platforms for transaction processing.
During the reported month, the organisation recorded over 1.8 million transactions, representing a decrease from 2.2 million in September. Despite this decline, its website and online services garnered over 2.1 million visits.
This digital approach extended to the issuance of more than 209,000 electronically issued pension identifications and facilitated over 332,000 downloads of the agency's mobile application.
The report highlighted the proactive engagement of GOSI's electronic communication channels, showcasing services like the virtual visit feature and the digital assistant, each serving over 33,000 clients.