The Saudi Insurance Cooperative Company and the Al-Amthal Financing & Leasing Company have signed a two-year long agreement, according to which Saudi Insurance will provide insurance coverage for cars leased by Al-Amthal.
The new program is expected to cover 8,000 vehicles in the first year and 10,000 vehicles in the second year.
According to the Al-Hayat daily, official statistics showed that the value of the Saudi insurance market reached SR 3 billion ($800 million) in 1998. However, the value of this market is projected to grow as high as SR 6 billion ($1.6 billion) by the end of the current year. This is because the Saudi government recently approved the imposition of a compulsory medical insurance on non-Saudi residents in the kingdom. – (Albawaba-MEBG)
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