Vehicle insurance to cover natural disaster damages

SAMA ORDERS INSURANCE COMPANIES TO COVER NATURAL DISASTER VEHICLE DAMAGES

SAMA (Saudi Arabian Monetary Authority) has requested insurance agencies to add a protection approach covering harmed vehicles influenced by cataclysmic events like surge, rain, hailstone or glimmer surge. 

Saudi Arabian Monetary Authority made it compulsory to all vehicle insurance agencies to cover catastrophic event arrangement, regardless of whether it is individual or an organization. SAMA cautioned insurance agencies, they will confront legitimate activity for not following or complying with its roundabout.

• As indicated by protection specialists, The harms caused to vehicles in the most recent week Jeddah surges is around 200 million Saudi Riyals and the Insurance organizations should pay a pay is relied upon in betweeen 150 to 200 Saudi Million Riyals. 
• The executive general of protection control office Hesham Tashkandi issued a round in which he requested that all insurance agencies alter their items with the end goal to conform to the protection inclusion of cataclysmic events. 
• Insurance agencies Violating this roundabout will confront legitimate activity beginning from January 2018. SAMA is guaranteeing the petitioners have satisfactory data on protection items and the fitting inclusion of their needs.