Insurers pay SAR 540 mln in Q1 for traffic accidents in Riyadh

Insurance companies paid out SAR 540 million in compensation for traffic accidents in Riyadh during the first quarter of 2018, Saad Albeez, a member at the Saudi Authority for Accredited Valuers (Taqeem) said on Thursday.

About 72,000 vehicles were involved in accidents in the Saudi capital in Q1. Around 94 percent of the cases were transferred to Taqdeer (assessment) centers, while 6 percent were sent to Sheikh Exhibitions, Albeez added, cited by Makkah Newspaper.

On the other hand, he noted that 20 investors had submitted requests to invest in Taqdeer centers in Riyadh, and in two weeks, the names of the winners will be announced.

By the end of the current year, the valuation authority will announce an expansion strategy for the rest of the Kingdom’s regions, he added.

In 2017, Taqdeer centers received more than 230,000 damaged vehicles from traffic accidents in Riyadh, according to data available on Argaam.