Solidarity Takaful motor insurance sales could rise on automated detection of violations

Solidarity Saudi Takaful Co. said that motor insurance policies sales could increase after the General Department of Traffic (GDT) stated that it completed the automatic linking of motor insurance procedures in its records at the National Information Center.

The step will result in the automated detection of vehicles with expired insurance policies starting from July 22, 2020, the insurer said in a bourse filing.

The decision will have a positive impact on motor gross written premiums (GWPs), the company noted, indicating that it is difficult at the meantime to determine the exact financial impact.

The company will disclose any developments in due course.