Saudi transport companies look for alternatives to expensive insurance
Thursday, 07 16 2015, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Chairman of the National Committee for Land Transport at the Council of Saudi Chambers Bandar Al-Jabri criticized the increase of the price of the “third party” insurance “policy” of vehicles charged by insurance companies, saying “this action leads to an increase of land transport costs which reflects negatively on the consumer in the local market”.
He indicated that the ongoing increases of the insurance policy prices continues under the umbrella of the Saudi Arabian Monetary Authority which provides protection to these insurers ignoring however the demands of insurance company beneficiaries.
He mentioned that the National Committee addressed the Saudi Arabian Monetary Authority and the Ministry of Commerce and Insurance in order to face the issue of high increases in insurance prices charged by insurance companies on vehicles in the past months, noting that the price of the policy ranges currently between SAR 1700 to SAR 1800 against SAR 600 last year.
Source: Okaz Newspaper