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samaSaudi Central BankNewsSAMA appreciates the initiative of insurance companies to grant a discount within the framework of the "insure to be safe" campaign
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SAMA appreciates the initiative of insurance companies to grant a discount within the framework of the "insure to be safe" campaign
08/07/2020 01:00 PM

 

                The Saudi Arabian Monetary Authority "SAMA" appreciated the initiative of the Saudi insurance companies to grant a discount within the framework of the campaign for all insured persons in the compulsory vehicle insurance policies for individuals "against others" by (10%). 10% discount granted as well for the comprehensive vehicle insurance . This covers Insurance policies that were purchased or renewed within sixty days, starting from 07/09/2020 until 06/09/2020. This initiative comes to encourage citizens and residents to obtain vehicle insurance coverage, and in line with the Traffic Safety Awareness Campaign in its second phase under the slogan " insure to be safe", with the participation of the General Traffic Department and Najm Insurance Services Company, and in cooperation with insurance companies.

                The new discount shall be granted according to the instructions of SAMA; Namely; The the absence of insurance claims, which reaches (50%) in the case of compulsory insurance, and up to (60%) in the case of comprehensive insurance. The discount will offered in addition to the loyalty discount that companies offer to their customers when renewing documents with them at a rate of (10%).

                This period is characterized by providing the insured with an opportunity to obtain three discounts; Provided that they purchase the insurance policies during the specified period, and that the rest of the conditions of the other two payments apply to them, as the total discounts may reach (80%). This initiative comes within the efforts of insurance companies: To enhance societal awareness of the importance of obtaining insurance coverage to face risks, and in the belief of these companies in their social duty.

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