Motor insurance premiums rise by 30%

The figures pertaining to Saudi motor insurance are expecting a significant increase at the end of 2015. According to the Saudi insurance council, the    premium volume generated by the business is probably due to attain 10.5 billion SAR (2.8 billion USD), a 30% growth in comparison with 2014. This jump is accounted for by the result of the expansion of the motor fleet and by the increase in tariffs.

Following the increase in the number of accidents and in repair costs in the last two years, Saudi insurers have considerably increased the prices for motor guarantees, reporting profits of 735 million SAR (196 million USD) in 2014. The billion mark in profits for this class of business is likely to be reached in 2015.