Saudi insurers told to offer no-claims discounts from April 1

27/03/2017 Argaam

The Saudi Arabian Monetary Authority (SAMA), the kingdom's central bank and insurance market regulator, has ordered insurers to offer no-claim discounts on individual mandatory motor insurance for policyholders, starting from April 1.

 

Such discounts shall be applicable on the base rate, the central bank said in a statement on Monday.

 

The no-claim discount could reach up to 15 percent of the prevailing rate of a one-year motor insurance policy and could be increased to 30 percent for three years of no claims.

 

Insurance companies were also allowed to offer a no-claims discount for individual comprehensive motor insurance policies.

 

Policyholders may also avail an additional loyalty discount of up to 10 percent of the mandatory and individual comprehensive motor insurance policies. 

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