Saudi Arabia – 60% decrease of engineering insurance
Wednesday, 01 10 2018, Category: Insurance and Reinsurance, Country: Saudi Arabia
A number of insurance sector experts said that the demand for engineering insurance decreased by 40% to 60% compared to year 2010 noting that prices decreased by 45% due to competition.
They added that the number of new engineering projects as well as the works on old projects decreased, so this contributed to the decrease in demand for engineering insurance. They clarified that banks used to finance these engineering projects that necessitated insurance against the risks of construction including the liabilities toward surrounding properties.
Moreover, the insurance expert Dr. Fahd Al Anazi said that engineering insurance is part of property insurance and covers projects, equipment and mechanics.
Source: Riyadh Newspaper