Insurance Authority sets vehicle insurance pricing standards
The Insurance Authority has announced a review of the vehicle insurance pricing mechanism in the kingdom to ensure that insurance companies comply with regulatory standards. The goal is to provide fair and non-excessive prices. The regulatory standards include ensuring that prices are based on actuarial principles and sound underwriting rules, supported by reliable data and experiences, and not solely reliant on other companies’ prices. It also emphasizes that prices should align with underwriting rules and should not lead to company losses or unjustified price reductions.
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