Saudi Arabia – Insurance harms investors and vehicle owners
Tuesday, 05 24 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Chairman of the Transport committee at the Riyadh Chamber Mr. Saud Al-Nufai said that insurance companies harm the interests of investors and vehicle owners.
He clarified according to “Saudi Al Watan newspaper” that insurers charge insurance users more than SAR 393 million on a monthly basis arguing that they are bearing huge losses.
Mr. Al-Nufai said that important guidelines were issued by the Saudi Arabian Monetary Authority in order to reassess the insurance system and cope with the changes that took place in the sector and a contract was signed with a consulting company in order to study and the problems and solutions in month of Muharram 1437 Hijri.