By: Mohamed Idris
Riyadh – Mubasher: Total expenditure on insurance services in the Kingdom is expected to reach SAR 1350 per person by the end of 2016, Eyad Al-Hebe, CEO of Namar Insurance said.
Al-Hebe added that car insurance will be one of the most important factors that will lead to that growth in 2016.
"More than 40% of the cars registered in the Kingdom are not insured, where the vehicles are required to be reinsured annually which creates a huge gap between the uninsured cars, Al-Hebe told Mubasher on Thursday.
The accidents rate hiked which led to higher prices and if the situation continued as it is, 2017 will witness a 15% increase in car insurance.
Translated by: Sara Ghali
