Saudi Arabia – Motor insurance prices linked to spare parts
Tuesday, 11 01 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
Mr Salah Al Jaber, Chairman of the Insurance Committee in the Chamber of Commerce and Industry in the Eastern Province linked the motor insurance pricing decision for “Comprehensive – Third Party” coverage to the financial statements of the companies during 2016 in addition to the price level of spare parts and repair costs at workshops, indicating that companies will review the situation of the market in order to take the appropriate decision on whether to increase insurance prices.
He added that the economic conditions internationally and especially in the Kingdom will affect all sectors. Therefore, companies are examining carefully the effect of the economic crisis on the price of spare parts and workshop repair costs in different parts of the Kingdom indicating that a large number of insurance companies was able to decrease accumulated losses during the past months as far as motor policies are concerned whereas a number of companies still face difficulties in overcoming the accumulated losses of health insurance.
Source: Okaz Newspaper