Saudi Arabia – Motor insurance prices to increase by 10%
Saturday, 02 11 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
Experts of the insurance sector expect motor insurance prices to increase by 10% during 2017 whereas health insurance prices will stay at the same level given the increase in consolidated annual profits of the sector, which broke the record and exceeded SAR 2.1 billion compared to SAR 803 million during year 2015.
The insurance sector consultant engineer Adnan Khoja said: “the ongoing positive results of the sector will create stability in health insurance. However, the motor sector witnessed a limited increase of 5% to 10% during the current year. The positive results achieved by the sector have been supported by the efforts of the Saudi Arabian Monetary Authority in regulating the market, and the enforcement of compliance with the average technical prices recommended by the actuary; this greatly contributed in alleviating the price wars between companies, which largely caused quarterly and annual losses especially in the motor portfolio.
Source: Al Madina Newspaper