Catastrophes should be covered by motor contracts
Monday, 11 27 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Arabian Monetary Authority (SAMA) said it is compulsory for insurance companies to include catastrophe coverage in comprehensive motor insurance contacts for both individuals and companies.
The natural catastrophes according to “Al Madina” newspaper, on Sunday, the damages resulting from floods, heavy rains, and hail as basic covers in the comprehensive insurance products.
Moreover, the Saudi Arabian Monetary Authority said in a memo according to the newspaper that starting from 2018 regulatory action will be taken against insurers that do not comply with this regulatory memo.