Saudi Arabia – SAMA will set motor insurance prices
Wednesday, 10 05 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
Mr. Saeed Al-Bassami, Chairman of the National Committee for Land Transportation at the Council of Saudi Chambers revealed that the Saudi Arabian Monetary Agency will soon announce positive results related to the determination and decrease of motor insurance prices as well as imposing stringent rules to protect consumers.
He clarified to the Saudi newspaper “Al Watan” that by the end of the current month the results of a comprehensive study undertaken by the Monetary Agency and a consulting company will be announced in order to help solve the problems of the insurance market by imposing a ceiling on set prices.
He indicated that among the problems faced is the increase of the motor insurance price according to the accident records. He also confirmed at the same time that the results of the committee will be in favor of citizens.