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International

Truckers decry nearly 200% hike in premiums

August 27, 2015 Reprints

Trucking firms in Saudi Arabia have criticized the vehicle insurers in Saudi Arabia for raising premiums for third party liability cover by nearly 200%, reported Middle East Insurance Review citing Mubasher news.

Bandar Al-Jabri, president of National Committee for Transport of the Council of Saudi Chambers, says the rate hikes are excessive. Insurers have been raising rates to cover to increasing losses in the line for many months now. Additionally, cargo theft is rampant in Saudi Arabia with an average of seven trucks are stolen every day.

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Truckers decry nearly 200% hike in premiums

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