Saudi transportation companies unify efforts on insurance
Wednesday, 05 06 2015, Category: Insurance and Reinsurance, Country: Saudi Arabia
Investors in the inland transportation sector in the Sharqiyah region agreed to launch a team to negotiate with insurance companies in order to obtain a unified tariff, indicating that the large increases in the insurance policies’ prices push the companies toward bargaining a unified contract with the best prices. They noted that transportation companies bear more than SAR 120 million on insurance annually. They stressed during the enlarged meeting organized by the Transportation committee at the Sharqiyah chamber recently on the necessity of searching for different options in case the negotiations for better prices fail, such as moving along to establish an insurer that will issue insurance for Transportation companies throughout the Kingdom of Saudi Arabia, in addition to negotiating possibly with a specific foreign insurance company to establish an agency which will issue a special insurance policy in the next period.
Source: Okaz Daily