Saudi Arabia – A legal authority should examine accident insurance fraud
Tuesday, 10 18 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
Insurance sector experts said that motor insurance prices differ according to the age of the driver and also differ from insurer to insurer according to the recommendations of the actuary given the size of the portfolio and the number of insured. They indicated an increase of 40% in motor insurance fraud cases related to accidents and they requested a legal authority to be established in order to examine fraudulent cases.
The spokesman of insurance companies Mr. Adel Issa said that motor insurance prices differ according to the age of the person. The prices also differ according to the size of the company and its activities in motor insurance and the extent of losses resulting from motor insurance.
The confirmed that there are indicators about fraudulent cases related to motor accidents every year. However, there are no statistics that show the number of fraud cases, the level of related losses and the importance of establishing a legal authority that would examine fraud cases related to motor accidents.
Source: Al Riyadh Newspaper