Saudi Arabia – Insurers offer 40% discount on motor
Wednesday, 05 10 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
Insurance sector experts confirmed that the price of motor insurance differs from one city to another according to the increase or decrease in the number of traffic accidents. They indicated that the motor insurance discount can reach 40 percent and asked the Saudi Arabian Monetary Authority to intervene in order to compel insurance companies not to discriminate against customers when setting prices based on the location of residency and housing.
Moreover, the spokesperson of insurance companies Mr. Adel Al Issa said that the prices of motor insurance differ from one region or city to another at some insurers according to the increase or decrease in number of accidents in this region or city. He said that the insured who has a traffic-free driving record obtains the discounts on the basic price whether he is located on a high accident or low accident city. Mr. Al Issa denied that this discount will have an impact on the insurance sales in the cities that have a high number of accidents.
Source: Al Riyadh