Saudi Arabia – Wrong accident assessment causes SAR 8 billion losses
Monday, 04 10 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
Mr. Adel Al Issa the spokesman of insurance companies told “Al Madina” newspaper that the losses borne by insurance companies due to the wrong evaluation of accidents are evaluated at SAR 8 billion for the past year 2016.
Moreover, Mr. Al Issa confirmed that all insurance companies implemented the system enforced by the Saudi Arabian Monetary Authority about discounts, which can reach 30% with the start of the current month of April addid that this decision is compulsory and is not optional.
Source: Al Madina Newspaper