SAMA sets committee to examine insurance price increases in KSA
Thursday, 01 21 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
A quadripartite committee established by the Saudi Arabian Monetary Agency, the Jeddah Chamber of Commerce, the Riyadh Chamber, Asharqia Chamber represented by the Transport Committee will examine the reasons behind the increase of motor insurance prices.
Mr. Saeed Al-Bassami, vice president of the National Transportation Committee at the Saudi Council of Chambers and Industry, chairman of the Transportation Committee in Jeddah's Chamber of Commerce – as reported by the “Al Madina” newspaper said that the quadripartite committee was established after the price increases took place in the motor and transport insurance at different rates in the past two years.
Mr. Al-Bassami said that the motor insurance crisis will cause a transportation cost increase of 35% in addition to the increase in fuel price which will reflect negatively on the consumer.