Saudi Arabia – 99% of people without home insurance
Monday, 11 30 2015, Category: Insurance and Reinsurance, Country: Saudi Arabia
Dr. Fahd Al Anazi a member of the Shura Council confirmed that no more than one percent of people in KSA buy real estate property insurance. So he advocated a governmental program in order to insure homes where the state contributes to part of the premium and where the citizen contributes to the remaining part of the premium. He also indicated that there is a misunderstanding related to real estate property insurance related to the definition of the liabilities of the different parties.
Dr. Al Anazi said that every contractor who wants to build a house should buy an insurance policy covering maintenance and performance for 10 years noting that insurance coverage differs in its options including the building, contents, private belongings where coverage is sought against fires, natural disasters, and damages related to third parties.
Source: Al Riyadh Newspaper