SAICO expects higher GWPs on compulsory motor insurance

Saudi Arabian Cooperative Insurance Co. (SAICO) expected its gross written premiums (GWPs) for motor insurance to be positively impacted after the General Department of Traffic announced completion of the automatic linking of motor insurance procedures in its records at the National Information Center.

It is difficult at the meantime to estimate the exact financial impact, the company added in a bourse statement, noting that it will disclose any developments in due course.

The Saudi General Department of Traffic urged all vehicle owners to have valid vehicle insurance before the resumption of the automatic issuance of traffic violations from July 22, Argaam reported.