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Saudi Arabia: Insurers hesitant to insure transported money due to high risk

July 29, 2014 - 6:00am


Abdulaziz Abu Al-Saud, vice chairman of the Cooperative Insurance Committee at the Council of Saudi Chambers, said insurers are reluctant to insure transported money because the high risk involved, Saudi Gazette reported.

Experts at security companies have said the money stolen from armored vehicles in the past five years totaled 600 million Saudi Arabian riyals ($159.9 million).

Mr. Al-Saud said if the robberies continue, reinsurers abroad will follow stricter measures.

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