an officer at the “Council of Saudi Chambers “: the increase in insurance rates is unjustified
Thursday, 12 24 2015, Category: Insurance and Reinsurance, Country: Saudi Arabia
Amid great grumbling and resentment from citizens, insurance companies raised the price of vehicle insurance by 100%. The Chairman of the Committee of Transport in the Council of Saudi Chambers, Bandar Al-Jabri, said that insurance companies raised prices in an extravagant manner; justifying this increase by the rate of losses and the large number of accidents which expose them to significant losses. He added that the price of third party liability insurance rose in an exaggerated manner, rising from 400 to 1200, and is even expected to reach 2000 riyals. To justify this increase in insurance rates, SAMA said that most insurance companies are achieving negative results… and that the insurance value in the Kingdom is lower than the rest of the world.
Source: KSA Day