Saudi Arabia – Foreign consultant studies insurance prices
Friday, 03 04 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
The head of the insurance committee in the the Sharqiyah Chamber Mr. Salah Al Jaber revealed that competent authorities have commissioned a foreign company to complete a comprehensive study on the Saudi insurance sector, indicating that this independent company started its investigations through field visits.
He noted that the objective of the study is to examine the prices of insurance policies in the local market, adding that he no information on the expected date of the finalization of the study. However, the commissioned company will do its best to complete the study as early as possible in order to submit it to the concerned parties.
About the causes of the increase in insurance prices, he indicated that insurance companies had to review their products especially the motor “third party” and “comprehensive” in order to compensate the accumulated losses brought about by the previous prices.
Source: Okaz Newspaper