Saudi Arabia – Decreasing motor insurance price according to risk
Friday, 02 03 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
The media spokesperson of insurance companies in Saudi Arabia Mr. Adel Issa revealed that as the Saudi Arabian Monetary Authority requested motor insurance price decreases to be granted when the driving record is free of accidents, insurance companies will determine prices according to the estimates of the actuary who builds his risk analysis given previous results. Therefore, he expects prices do decrease in the next period.
Mr. Issa clarified that the Saudi Arabian Monetary Agency has set 1 April 2017 as the deadline for insurance companies to grant discounts for drivers who have accident-free records. Any insurance company that will not offer such discounts will have to suspend sales of motor insurance, indicating that it is unlikely that accident records can be manipulated by drivers since they are published by professional public companies.
Source: Al Yaum