Saudi insurers raise the prices of “Third Party” insurance
Wednesday, 07 15 2015, Category: Insurance and Reinsurance, Country: Saudi Arabia
Insurance companies started raising the prices of third party motor insurance by 100%.
Some companies tended to classify vehicles into three categories, according to the accident frequency of each category in the Kingdom from the most frequent to the less frequent in order to calculate the price of insurance. Whereas some companies tended to decline coverage for some cars used for sports or racing
“Okaz” visited 4 insurance companies where it noted that the companies raised the prices of third party motor insurance by different rates, where some of them increased these rates by 50%, whereas the others raised them by 100%.