Saudi Arabia – Insurance fraud decreased by 3%
Monday, 10 19 2015, Category: Insurance and Reinsurance, Country: Saudi Arabia
An expert in the insurance sector revealed that fraud and intentional cases in the health and motor insurance sectors in KSA decreased by three percent compared to last year. And he estimated that the current fraud percentage in the local health and motor insurance market ranges between 18% and 20% and he confirmed that fraud cases are the most frequent in the motor insurance market compared to all other branches in the kingdom. He also indicated that fraud percentages in the insurance sector on an international level range between 15% to 17%.
The insurance expert Dr. Fahd Al Anazi said that fraud and intentional cases decreased by 3% in the motor and health insurance sectors compared to last year. He estimated the percentage of fraud in the local motor and health insurance sector at 18% to 20% indicating that fraud is the most frequent in the motor branch in KSA.
Source: Al Riyadh