By: Mohamed Idris
Riyadh – Mubasher: It is hard to put an estimate impact for SAMA circular on the insurance companies, said Adel Al-Eissa, a spokesperson for the executive committee for Saudi insurance companies.
The Saudi Arabian Monetary Agency (SAMA) asked insurance companies to offer discounts in their new policies for customers with clean sheets.
Al-Eissa added that this circular will enhance the traffic market, as the client will seek a clean sheet to get the deduction.
Moreover, he pinpointed that the additional 10% deduction that the company offer for the loyalty to it will give the preference to the client to renew the policy with the same firm, which will make the company the first beneficiary in keeping its clients and achieve the stability.
SAMA's circulation was regarding the obligation insurance and encouraged the companies to apply the same services on the inclusive insurance, which will create competition between the companies in service providing, the spokesperson said.
The spokesperson noted that the circular will be in effect by the maximum of the first of April this year.
