Saudi Arabia – Insurance prices declines by 37%
Saturday, 10 07 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Governor of the Saudi Arabian Monetary Authority, Dr. Ahmed Abdulkarim Alkholifey confirmed that insurance prices declined by 37% during the first half of the current year after implementing the new procedures that aim at achieving fair pricing.
Moreover, Dr. Alkholifey clarified during the press conference dedicated to the presentation of the annual report of “SAMA” that the new procedures in year 2017 regarding the pricing of insurance products (including motor insurance) started giving positive results. Insurers gave discounts for good drivers who comply with the traffic rules. Moreover, the complaints about excessive insurance prices almost disappeared.
Source: Al Arabiya