According to Adil al-Issa, a spokesman for the Saudi insurance sector, Saudi drivers are behaving better on the country's roads thanks to reforms in the insurance market.
Adil al-Issa says that the value of payments to drivers has decreased from 9 billion riyals in 2016 to 5.5 billion riyals.
According to Arab News, Adil al-Issa attributes the price and discounts to the customer's insurance record, which helped improve the rate of technical losses 'without administrative costs' by 67%, down from 82% in 2016. ۔
Adil al-Issa revealed the figures in an interview with Al-Economy, in which he also said that only 50% of Saudi vehicles are insured despite being mandatory.
He said that the increase in the number of insured vehicles would lead to reduction in accidental expenses and other related administrative expenses as compared to the volume of vehicle insurance premium.
Adil al-Issa added that this would reduce losses, giving companies a greater chance to compete and gain more market share, which is in the interests of consumers and commercial companies.
According to him, the car insurance sector is the second largest sector in the country with more than 21% of the total market size.
