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Saudi Arabia - Discount up to 70% on car insurance

Thursday, 04 16 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
The official spokesman for the insurance sector in Saudi Arabia, Adel Al-Issa, said in an interview with Al-Arabiya that the Corona crisis and the procedures for closings and curfews contributed to a significant decrease in the percentage of vehicle accidents, but in contrast, insurance companies suffer from a significant decline in sales, with evidence that many The companies have announced that they are affected by the measures taken, and this will inevitably affect their profits this year.

He noted that insurance companies in the Kingdom offer discounts of between 60 and 70% on vehicle insurance.

While he referred to the sector’s initiative to donate 68 million riyals to the health endowment in the Saudi Ministry of Health, he pointed to merger operations that may occur between insurance companies in the long run if the crisis persists, to avoid its final exit from the market due to the losses incurred.

In addition, SAMA has obligated insurance companies since 2003 under the policy of distributing the insurance surplus, to distribute a minimum of 10% of the surplus profits of the insurance companies and return them directly to the insured in the event that they do not benefit from the policy or provide a similar reduction when renewing the contract, on That the previous claims not exceed 70% of the policy’s value!

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