Mohammad Al Suliman, CEO of Najm for Insurance Services Co.
Saudi individuals' reluctance to vehicle insurance in Saudi Arabia is high, Al Saudiya TV channel reported, citing Mohammad Al Suliman, CEO of Najm for Insurance Services Co.
He attributed such reluctance to several reasons, mainly awareness of insurance as well as the regulations and laws that are still being developed to support expansion in the insurance sector. In addition, some people consider insurance as a kind of luxury and not one of the basics of life.
One of the reasons that support the reduction of insurance policy rates is the insurance for everyone, the top executive said.
He indicated that, with an integrated insurance rate, the policy rates would reach less than 50% of the current rate.
The increase in awareness of insurance as well as growth in demand for policies help reduce prices, Al Suliman concluded.
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