Motor insurance prices to increase 30% in KSA
Wednesday, 10 21 2015, Category: Insurance and Reinsurance, Country: Saudi Arabia
Experts and workers in the insurance sector expected a new increase in motor insurance prices during the next years which will reach at least 30% due to the increase in the size of losses borne by insurance companies annually in addition to the “Diyat” (death compensation) increases.
Despite the reports indicating decreases in the frequency of accident by 37%, experts indicated that motor insurance claims and indemnifications still represent a large part of insurance revenue due to “the severity of some accidents which cause numerous deaths and total damage to vehicles meaning that insurance prices will keep increasing after a 100% increase in the end of last year”.
Source: Al Hayat