The Saudi Arabian Monetary Authority (SAMA) has launched a resolution center to handle insurance complaints of motor vehicles whose estimated value is less than SR50,000.
Inaugurating the 5th Saudi Insurance Symposium, the governor said the executive regulations imposed by the center has been approved by the majority of insurance companies.
SAMA has received an average of 30,000 complaints related to the insurance sector as of 2018.
The Kingdom’s insurance sector has undergone stages of development and growth to implement various control measures on this regard.
The system has indicated enormous growth rates, increasing in volume from SR5 billion to around SR36 billion providing employment to more than 11,000 people achieving a high percent of Saudization.
Vehicle and health insurance policies comprise 85% of the overall insurance policies currently in the market leading to diversification in the country.
The Insurance sector further works to promote the culture of risk management and awareness to increase the sector’s contribution to improved levels of GDP currently at 1.5%.