Saudi Arabia – Unified motor insurance database
Monday, 04 03 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
Saudi insurance companies have announced their readiness to start with the new pricing procedures that provide a discount to policyholders who have no prior claims, by creating a unified database; which will enable insurance companies to inquire about the insurance history of claimants and this will facilitate the insured and reduce the time and effort that it takes to obtain certificates about claims which in the past meant dealing at times with multiple companies.
“These instructions aim to protect the insured, provide advantages for policy holders whose insurance records are free of claims, promote fair competition between insurance companies, ensure better insurance services at competitive prices and more importantly, encourage everyone to drive more safely and comply with traffic rules and regulations so that traffic related death, physical injuries disabilities and loss of property can be greatly reduced,” said Adel Al-Eisa, official spokesman for insurance companies.
He added: “According to a recent study conducted by King Abdul Aziz University, traffic accidents caused 7,500 deaths, 68,000 injuries and leave 2,000 people handicapped with permanent disabilities. Additionally, the annual loss caused by car accidents is estimated at SR18 billion. Unfortunately, most of the traffic accidents victims are youths and a firm stance is therefore required from each and everyone in the society, including insurance companies.”