Saudi Arabia – Motor and travel insurance regardless of age
Monday, 02 27 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Arabian Monetary Authority compelled all insurance companies that obtained a license to sell compulsory motor insurance to offer fair insurance prices built on technical bases for all insurance applicants as long as the driver carries a valid driving license issued by the general traffic department.
It clarified in a statement that in the case an insurer declines coverage for an applicant, it will have to submit a report explaining the reasons of the refusal provided the young or old age is not given as a reason. All insurance companies that obtained the authorization of the Authority to sell travel insurance will also have to provide fair prices based on technical bases for all insurance applicants.