New insurance products to promote market stability in future, says official

Adel Al-Essa, official spokesperson for insurance companies

Issuance of new types of insurance, which are mandatory, will contribute to the stability of the insurance market in the coming years, AlRiyadh newspaper reported, citing Adel Al-Essa, official spokesperson for insurance companies.

Al-Essa hopes that the new products will give some troubled companies an opportunity to improve their results, and will contribute to raising the level of services by competing for customer satisfaction following stability in the market.

The obligation to certain types of insurance contributes to raising awareness and marketing of other insurance products as well.

This will take several years because of the heavy focus on health and auto insurance, which control the market by more than 80%, Al-Essa said.