Shura Council Advocates Insurance Price Reforms

The Shura Council of Saudi Arabia called for the development of the regulatory framework for pricing health insurance and vehicle insurance, linking it to claims data and usage behavior, with the aim of promoting price fairness and sector sustainability. It also urged for the prompt establishment of a mechanism to transition from cash compensation for vehicle claims to quality-based repair solutions, and to enhance the compulsory insurance system. Additionally, the council emphasized stimulating the reinsurance sector and insurance technology. Furthermore, the council focused on strengthening risk management efficiency within the insurance market and developing indicators to measure the level of risk management and sector sustainability.

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