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Oct 2019

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Saudi Arabia: Suspected motor fraud cases up by 20% to 26,000 since 2007

Source: Middle East Insurance Review | Sep 2019

The rate of motor fraud in the insurance sector in Saudi Arabia has risen up to 15-20%, which is higher than the global average of between 9% and 10%, according to Dr Mohammad Alsuliman, CEO of Najm Insurance Services Company.
 
He said there had been 26,000 suspected cases of fraud since 2017, with amounts totalling SAR245m ($65.3m), reported Al Madina. Najm is working to reduce fraud in cooperation with the General Administration of Traffic and the Saudi Arabian Monetary Authority.
 
Dr Alsuliman also said Najm is facing a challenge in expanding geographically: it currently covers only 38 cities. The company also aims to complete automating its systems to accelerate claims settlements.
 
Motor business accounts for 25% of the overall insurance sector in Saudi Arabia. The total number of cars in the kingdom is about 12m. However, only around 50% of all vehicles are insured. M 
 
SAR1 = $0.27
 
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