Saudi Arabia – Requests to decrease insurance prices by 50%
Wednesday, 09 07 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
Insurance service prices in the motor sector in the Kingdom increased significantly lately to more than the double of previous prices. The unexpected increase was not well welcomed by car owners and rental companies that confirmed that the increase was shocking, unprecedented and implemented in a very short period. Therefore, many persons did not purchase “comprehensive” motor insurance and reverted instead to lower-priced products such as “Third Party Liability” or even did “not insure” their vehicles in some cases. Moreover, the business of used cars lost momentum since insurance coverage cannot be transferred to the new owner of the vehicle noting that for certain cars the price of insurance is equivalent to the price of insurance.
Source: Al Yaum