Saudi Arabia – Increased insurance fraud contributes to losses
Monday, 05 16 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
Mr. Adel Bin Abdulaziz Al-Issa media spokesman for insurance companies and head of the insurance awareness and training committee said that the insurance market in KSA is negatively affected by many factors such as the multiple regulators in place, weak awareness, fraud and the absence of detailed databases. So all of these factors contributed to the losses of companies in the market.
This was said during a meeting with the insurance committee of the chamber and number of businessmen and interested persons yesterday.
The Chairman of the Chamber Insurance Committee Mr. Salah Mohamed al Jaber confirmed that the insurance market includes approximately 35 insurance companies, of which only two are specialized in health insurance, one in reinsurance, and 32 are composite selling more than one product at the same time. There are also 199 supporting companies of which 80 are brokers, 84 are agents. Finally, compulsory insurance only covers two products (medical and motor).
Source: Al Yaum – KSA