Magazine date:
Oct 2014 According to a recent report by Standard & Poor's, the price war that raged in 2012 and 2013 among insurers may soon be coming to an end. While competition for prestigious business persists, insurers are adopting an increasingly more technical approach to risk.
In key sectors such as the motor and group health plans, the tariffs have increased by 20% on average. For policies that have sustained recurrent losses, the increase is up to 40%. The trend noticed results from the recent measures introduced by SAMA.
The regulatory body has imposed new rules for the evaluation of reserves which must be confirmed by independent actuaries. In addition, each new policyholder is required to inform the insurer of the full history of his claims.