Saudi insurers to Transport committee: Your statistics are inaccurate
Tuesday, 09 22 2015, Category: Insurance and Reinsurance, Country: Saudi Arabia
Insurance companies rejected the statements issued by the Transport Committee of the Riyadh Chamber of Commerce and which ask insurers to review and recalculate their motor insurance prices. Insurance Companies described the information and statistics reported by the committee as “inaccurate and unrelated to real figures”.
The Transport Committee asked for prices to be reset “after a 400% increase” according to the statement of the committee. However the spokesperson of insurance companies Mr. Adel Al Issa said “insurance premiums increased remarkably in the latest years, but they increased with differing percentages from one company to another instead of a uniform increase” saying that is due to “rational reasons imposed by the accident cost increases as well as an increase in the number of accidents which caused large losses to insurance companies”.
Source: Al Hayat