KSA - Extending vehicle ins. for two months without any costs
Saturday, 05 09 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Governor of the Saudi Arabian Monetary Agency (SAMA), Dr. Ahmed bin Abdul Karim Al-Khulaifi, valued the initiative of the Saudi insurance companies to extend all existing vehicle insurance policies for individuals for a period of two months, as well as adding an additional two months to the vehicle insurance policies for individuals purchased during the period from the date of 5/8/2020 Until 6/6/2020 without the insured bearing any additional costs in electronic form, and without the need for the customer to communicate with the insurance company, in support of the beneficiaries of the insurance coverage in the current circumstances, in addition to not canceling the insurance documents directly when the insured is late in paying Insurance premiums to give Insured them the opportunity to pay off the installments later.
Dr. Al-Khulaifi emphasized that this initiative comes within the efforts of the state to combat the Corona Covid-19 pandemic and mitigate its expected financial and economic effects on the private sector and individuals, and in the belief of these companies in their national duty, and in recognition of their social responsibility towards our dear homeland, and supporting the efforts of our rational government.