News "Cash" forces insurance companies to offer special discounts to new drivers

The Saudi Monetary Agency (SAMA) has asked insurance companies to offer a special discount to new drivers when they apply for an insurance policy, sources said.

The sources added, according to "Okaz", that the institution had shown that the purpose of this directive was to stimulate the growth of the insurance sector, to improve the insurance service against third parties and to to encourage safe driving.

It should be noted that "SAMA" has forced insurance companies to grant discounts to claim-free claim holders, noting in a statement that the discount rate of up to 15% for one year without claims and increase the number of years to reach 30% for those not having years