Saudi auto insurance sector sees remarkable growth in recent months, says Najm CEO

The auto insurance sector witnessed a remarkable growth in the recent few months as a result of the initiatives by the Saudi Arabian Monetary Authority (SAMA) and the General Department of Traffic (GDT), Al Arabiya channel reported, citing Najm for Insurance Services Co.’s CEO Mohammed Al-Suliman.

He explained that the firms in the sector achieved higher profits in 2020 due to the decrease in the number of accidents on the back of COVID-19 quarantine measures.

The insurance coverage is expected to increase across the Kingdom as a result of the procedures that are being taken by SAMA, GDT and the Ministerial Committee for Traffic Safety, the CEO pointed out.

Najm serves the sector in two ways, including facilitating claims procedures and speeding up settlement with clients, automating all transactions and procedures, facilitating assessment procedures as well as combating fraud. Moreover, the company runs awareness campaigns in favor of the sector.

With regards to combating fraud, Najm has stopped claims worth SAR 60 million in the recent two to three years, Al-Suliman highlighted.