Saudi auto insurance market to see high competition to win female drivers, says Al-Issa

The Saudi car insurance market is expected to see high competition among insurers that will seek to lure female drivers, Al Watan newspaper reported, citing Adel Al-Issa, the official spokesperson for insurance companies.

The prices of auto insurance policies for women-owned cars will not be stable as the market is free, he said, adding that each company will have its pricing policy without any gender advantage.

Insurers, however, may offer discounts to women, while other firms could commit to their basic prices, he said.

Whether insurers’ profits would rise or not will remain unknown for the coming 2-3 years, as there’s a chance for loss.

Allowing women to drive will have a positive impact on the insurance market, as it adds a new segment of clients which would improve the results of insurance companies, on the long-run, he added.

King Salman has issued a royal decree in September allowing women to drive as of June 24, Argaam previously reported.