Saudi Arabia – Irregular practices in motor insurance
Monday, 11 14 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Arabian Monetary Agency identified irregular practices at motor insurance companies, which are related to the settlement of insurance claims in the Third Party Liability (for individuals) given long waiting periods between the claims settlement date and the date of issuance of the check payment.
According to information obtained by the “Makkah Newspaper”, the Saudi Arabian Monetary Agency noted during its inspection visits at insurance companies that coordination is weak among the different departments of companies in addition to irregular practices in third party motor insurance (for individuals) such as the delays in settling motor insurance claims without clear justifications.
Source: Makkah Newspaper