KSA – Motor insurance extended for two months
Friday, 08 07 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Dr. Ahmad bin Abdul Karim Al-Kholifey, Governor of the Saudi Arabian Monetary Authority (SAMA), commends Saudi insurance companies for taking the initiative not only to extend all existing vehicle insurance policies for a period of two months but also adding two months to vehicle insurance policies purchased during the period from 5/8/2020 AD Until 6/6/2020 without incurring any additional costs. Not to mention that this is now became accessible electronically and without the need for the customer to communicate with the insurance company. This is to support the beneficiaries of the insurance coverage during current circumstances, in addition to avoid canceling the insurance documents due to insured delay in paying the insurance premiums. Customers are provided with an opportunity to pay later.
Al-Kholifey emphasized that this initiative comes in light of the government effort to combat Covid-19 pandemic and to mitigate expected financial and economic effects on the private sector and individuals, as well as the national responsibility of those companies toward their country and society. Al-Kholifey concluded by praying to Allah to protect our homeland under its generous leadership.