Saudi Arabia – Council of Competition does not intervene in insurance prices
Friday, 01 08 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
The spokesperson of insurance companies Mr. Adel Al Issa expected that the Council of Competition will not intervene in the issue related to the increase in motor insurance prices.
He said according to “Al Riyadh” newspaper that what is currently taking place regarding the increase in motor insurance prices is true competition since the differences in motor insurance prices between companies reflect effective competition.
Mr. Al Issa said that there are no pre-agreements among insurance companies to raise insurance prices on vehicles, indicating that the motor insurance pricing mechanism depends on the actuary who sets the prices for every company separately given the motor insurance performance in previous years taking into consideration the general performance of the markets, company expenses and the future trends and expectations of each company.