Saudi Arabia: Govt panel studies use of telematics in motor insurance
Source: Middle East Insurance Review | Oct 2017
A government committee is currently studying a telematics project for usage-based motor insurance to help insurers price auto insurance.
The telematic instruments, to be installed in vehicles by mutual agreement, will track the movement of the vehicles and the behaviour of the drivers. Based on the data gathered, motor insurance services will be provided at prices that would be fair to policyholders and insurers, reported the newspaper Al Watan.
The project is set to be approved and implemented soon. The committee has finalised the terms and conditions of a tender to commission an international consulting company for the project.
The telematics project aims at reaching fair and accurate motor insurance prices, helping insurers avoid risks proportionally, promoting safe driving and reducing traffic accidents. M