Disappointing results despite price increase

Despite higher rates of motor and health insurance policies, Saudi insurers are struggling to achieve good results. In a recent report, Standard & Poor's said that among 32 insurers that are operating in the Kingdom, only 20 showed satisfactory performance in the first half of 2016. The rating agency added that the new regulation imposed in July 2016 by the Saudi Ministry of Health and which required offending uninsured motorists to pay for hospital costs incurred by third parties, is expected to increase penetration rate and improve the insurance landscape of the country.

Read also:

• A grace period granted to loss-making insurers
• New regulations to fight against uninsured cars
• Saudi Arabia, motor and health insurance skyrocketing in 2015