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Sep 2019

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Saudi Arabia: Motor insurers see $27m loss from cases of fraud & ignorance over 15 months

Source: Middle East Insurance Review | May 2019

The insurance industry in Saudi Arabia suffered losses totalling SAR100m ($26.7m) from motor insurance fraud and customer ignorance, according to Dr Mohammed Sulaiman, CEO of Najm for Insurance Services Company, a leading traffic support and accident-related service provider in the Kingdom.
 
The SAR100m losses were from 13,000 cases, both proven and suspected. The cases might also be criminal or non-criminal in nature. The former arose from fraud, while the latter might have stemmed from ignorance of the insured parties involved. The cases reported were from the beginning of 2018 until the first quarter of 2019.
 
Dr Sulaiman said the fight against fraud is carried out through the application of artificial intelligence. He said that within two years, Najm will have installed a complete anti-fraud system. M 
 
SAR1 = $0.27
 
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