Usage-based insurance of Saudi governmental cars
Monday, 01 29 2018, Category: Insurance and Reinsurance, Country: Saudi Arabia
Several Saudi ministries confirmed their project to launch motor insurance according to usage and will therefore install special telematics to this end. This governmental initiative aims to reach “fair and precise” insurance prices and will also help insurers to avert risks proportionally. This initiative of the ministry of economy and planning will motivate motor drivers to decrease the number of accidents as well as injuries and deaths through financial incentives. It will also ensure fair insurance for both parties and will improve security on the roads as well as improve the quality of life.
Moreover, one of the ministries revealed that special tenders and conditions are being proposed to choose a strategic partner for this project. This project is in its first phase and is being developed with the help of an international consulting company.
Source: Al Hayat