Saudi Arabia – Insurers collectively exploit price increases
Monday, 08 22 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Council of Competition revealed that the Riyadh Chamber of Commerce and Industry submitted a complaint about insurers to the Ministry of Commerce and Industry. The Riyadh Chamber accuses insurance companies of raising prices collectively and excessively on motor insurance. Therefore, the Council of Competition will launch an investigation and gather the proofs to examine whether insurance companies and related parties are working against competition laws. The issue is still under study.
The Council of Competition in a report of which “Al Watan” received a copy says “that the complaint received from the office of the Minister of Commerce and Industry addressed to the General Secretariat and tackled the issue of the renewed price increases, where insurance companies are reportedly joining efforts in order to raise motor insurance prices excessively.
Source: Al Watan Online