Saudi Arabia: Almost half unhappy with motor insurance pricing
Source: Middle East Insurance Review | Dec 2018
About half of respondents (48%) polled in a recent survey on the behaviour and perceptions of the consumer towards vehicle insurance products in Saudi Arabia said they were not satisfied at all about the prices of motor insurance.
The study showed the cost of insuring vehicles was between SAR501 ($134) and SAR2,000, said Mr Waleed Alsuliman, CEO of Digital Research, in a report by Twasul. In addition, 75% of those with comprehensive motor insurance said the cost of insurance for their vehicles exceeded SAR2,000.
The results also indicated that private sector employees were the most satisfied group with regards to motor premium rates. The percentage of satisfaction was 24% among employees in the private sector, compared to 14% for government employees and 9% for students. Satisfaction with insurers was 23%, 13% and 12% for the three categories, respectively.
Asked what determined their motor insurance purchases, 56% cited prices, 40% said peace of mind was one of the most important reasons and 31% named compulsory insurance as a factor.
The study was conducted online on the various social networking platforms, from 21 October to 3 November, by Digital Research Company (DRC), a Saudi market research/data mining consultancy. An overwhelming 99% of respondents to the survey were male. M
SAR1 = $0.27