23 Hrs
Source:
الاقتصادية
Saudi Arabia Vehicle Insurance Pricing Criteria
The Saudi Insurance Authority has emphasized the review of the vehicle insurance pricing mechanism to ensure that insurance companies comply with regulatory standards and achieve fair and non-exorbitant prices. The review relies on six criteria, including that prices are based on actuarial principles and sound underwriting rules, that they are supported by reliable data, and that they do not solely depend on the prices of other companies. Additionally, insurers are required to provide the Authority with the basis used to determine prices. The Authority also recommended developing pricing systems for health and vehicle insurance by linking them to claims and risk data to enhance price fairness and sector efficiency. These measures are part of a national strategy approved by the Council of Ministers, aimed at developing the insurance market and ensuring the sector’s sustainability, while strengthening mandatory insurance systems and stimulating the reinsurance sector. The goal is to protect individuals and businesses, achieve economic stability, and implement initiatives such as establishing a centralized insurance data system and developing insurance products and technical services.
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