According to a local expert, motor insurance fraud [4] has cost the Saudi market 1.2 billion SAR (319.58 million USD) in 2019, that is 20% of the entirety of motor loss experience which amounts to 5.96 billion SAR (1.58 billion USD).
Fraud remains one of the major challenges facing the insurance sector that is why companies are constantly developing their systems to prevent such a crime. Laws criminalizing fraud shall soon be implemented.
Links:
[1] https://twitter.com/intent/tweet?url=https%3A%2F%2Fwww.atlas-mag.net%2Fen%2Farticle%2Fmotor-fraud-weighs-heavily-on-the-saudi-insurance-market&text=Motor+fraud+weighs+heavily+on+the+Saudi+insurance+market
[2] https://www.linkedin.com/shareArticle?url=https%3A%2F%2Fwww.atlas-mag.net%2Fen%2Farticle%2Fmotor-fraud-weighs-heavily-on-the-saudi-insurance-market&source=Atlas Magazine&mini=true
[3] https://www.atlas-mag.net/en/issue/turbulence-in-aviation-insurance
[4] https://www.atlas-mag.net/en/article/insurance-fraud-detection-and-cost-to-industry