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The Saudi insurance market in the face of fraud

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Magazine Issue: 
Poverty and natural disasters [3]
Magazine date: 
Apr 2019

fraude assuranceThe motor insurance fraud [4] causes tremendous losses to the Saudi market. According to Najm for Insurance Services Company, a leading traffic support and accident-related service provider, the motor Insurance fraud caused 100 million SAR (26.7 million USD) in losses starting from the 1st of January 2018 until the 31st of march 2019.

Such expenses mainly resulted from 13 000, intentional as well as non-intentional acts of fraud.

Najm for Insurance intends to adopt the artificial intelligence [5] in order to prevent such acts. The company is keen on setting up an anti-fraud system within two years.

Read also | Saudi Arabia insurance market [6]

Fri, 12/04/2019 - 11:39

Source URL: https://www.atlas-mag.net/en/article/the-saudi-insurance-market-in-the-face-of-fraud

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[3] https://www.atlas-mag.net/en/issue/poverty-and-natural-disasters
[4] https://www.atlas-mag.net/en/article/insurance-fraud-detection-and-cost-to-industry
[5] https://www.atlas-mag.net/en/article/artificial-intelligence-and-the-insurance-industry
[6] https://www.atlas-mag.net/en/article/saudi-insurance-firms-record-losses-in-2018