Saudi Arabia – Linking insurance prices to traffic accidents
Thursday, 05 05 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
A number of insurance experts requested the prices of motor insurance policies to be linked to the traffic records, indicating that this will contribute to a decrease in prices even though this decrease will be limited. They asked the insurance committees at the chamber of commerce to take serious steps that could alleviate the burdens on citizens.
Mr. Salah Al Jaber Chairman of the Insurance Committee in the Chamber of Commerce and Industry in the Eastern Province said: there is a move to link electronically insurance companies to some related parties in order to obtain the full information about the insurance applicants. This aims at giving the right evaluation. He added: How to adequately assess prices for a bad driver when there is another driver who did not make any accident during a year? This information related to citizens and residents can be obtained through this link, which will allow a fair pricing for every insured.
Source: Al Madina Newspaper