Saudi Arabia – Suspended motor insurers represent 45% of market
Thursday, 12 08 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
Experts praised the suspension of 4 insurance companies by the Saudi Arabian Monetary Authority. These four companies represent 45% of the motor portfolio in the Kingdom according to the experts who described this decision as an indicator of a more active and strict implementation of regulations, which will help improvr practices in the insurance field. This statement was made after the suspension of United Cooperative Assurance, Medgulf, Malath and ACIG.
The insurance sector consultant Mr. Louay Abdoh: it seems that there are new policies implemented by “SAMA”, which are stricter and also reflect the guidelines of the minister of finance given that SAMA is considered to be one of the divisions of the “ministry of finance”.
Source: Al Madina Newspaper