Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

Mar 2024

Saudi Arabia: Nat CAT covered in comprehensive auto policy since 1 Jan

Source: Middle East Insurance Review | Mar 2018

The SAMA has reiterated that insurers in the Kingdom have to cover natural catastrophes, especially for the damages resulting from floods, heavy rains, and hail, in comprehensive motor insurance contracts starting from 1 January 2018.
 
   Mr Hesham Tashkandi, Director General of the Insurance Control Department at SAMA, issued a circular last November which stressed that all insurers must modify their products to comply with the requirement for comprehensive insurance coverage to include natural disasters. 
 
   Floods are the most commonly occurring natural disaster in the country, damaging hundreds of vehicles caught in the waters during such events.
 
   One of the worst flood events in recent years occurred in 2009, causing the death of more than 122 people and leading to more than 350 missing. A total of 45 people were jailed as a consequence after the government prosecuted officials and contractors for alleged corruption, mismanagement of real estate and land planning that worsened the floods. M 
 
| Print
CAPTCHA image
Enter the code shown above in the box below.

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.

 

Recent Comments

There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.