Saudi Arabia Monetary Agency: Insurance on public facilities and KSA visitors
Saturday, 07 11 2015, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Governor of the Saudi Arabian Monetary Agency, His Excellency Dr. Fahad Al Mubarak has launched a study to in order to diagnose the insurance sector and identify the possible reform options since it represents 1.2% of the total Saudi economy, revealing that it issued 4 government decisions which serve the interests of insurance companies especially the ones concerning insurance public facilities.
Dr. Al Mubarak in a press conference held in Riyadh lately said that the poor performance of the sector is due to the weakness of the insurance culture and he also called upon insurers to develop a number of insurance products.
He clarified that the four government decisions mentioned imply the insurance of all motor vehicles owned by government entities.
Moreover, before year end a new insurance product will be launched covering the visitors of KSA according to his statements.
Source: Al Sharq