Saudi Arabia – Insurance declines public and private vehicles
Friday, 11 04 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
The head of the public transportation committee at Jeddah Chamber of Commerce and Industry Jafar ibn Aboud told the “Okaz newspaper” said that insurance companies are declining to cover public and private vehicles, so transportation companies are being fined by the ministry of transportation since they did not secure coverage.
About the proposed solutions by the committee in order to overcome the insurance crisis, he indicated that a committee will be established in order to limit this phenomenon and find out a solution in collaboration with the Saudi Arabian Monetary Authority. Therefore, the study is ongoing in order to find the adequate solution hoping that the Authority will compel insurers to insure public and private vehicles.
Source: Okaz Newspaper