SAMA requested to stop the abuse of Saudi insurers
Wednesday, 09 02 2015, Category: Insurance and Reinsurance, Country: Saudi Arabia
A researcher and legal expert requested the Saudi Arabian Monetary Authority (SAMA) to defend the interests of citizens and tackle the abuse practiced by many insurance companies which are pursuing their own interests and do not serve the citizens as expected. So these companies exploited the weaknesses of the citizen and his low level of awareness in order to impose their own rules to their advantage. Insurance companies achieve a lot of profits where the market value of the insurance sector in the Kingdom reached SAR 12.8 billion during three months. However, services remained below the expected standards. Therefore, he suggested to open the market to foreign competition as international competition could in the long term improve the level of national companies which will be working for the general interest instead of serving exclusively their own interests.
Source: Al Riyadh