Saudi Arabia – Insurance price changes will not exceed 10%
Saturday, 10 22 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
A recent report expects that insurance service price changes will not exceed 10% during the next 6 months indicating that these limited changes, whenever the occur, will be made according to the recommendations of the actuary. The report also revealed that the level of Saudization at insurance companies will increase to 40% by the end of year 2020, indicating that expects the performance of insurance companies to become more professional in light of the strict regulations that the Saudi Arabian Monetary Agency started to introduce.
The report issued by Namar Insurance and Reinsurance Broker revealed an expected increase in the hospitalization health claims caused by motor accidents. However, it expects a decrease in the level of accidents after the implementation of new fines related to traffic contraventions.
Source: Al Jazirah