Dr. Muhammad Al-Sulaiman, CEO of Najm Company, said that Najm attends between 75 and 80 percent of traffic accidents that are happening on the streets across the Kingdom.
He noted that the company has more comprehensive coverage of vehicle accidents, apart from covering collisions on sidewalks, garage door, and other crashes.
Al-Sulaiman said there has been a decrease of 50 percent in the insurance rate for all vehicles in the Kingdom while comparing to the real value of insurance policies.
He made the remarks in response to a question regarding a reported increase in vehicle insurance premium in the Kingdom while attending a program on Saudi Television.
“The method of calculating vehicle insurance is very accurate; as it depends on the estimate of experts and actuaries,” he said.
Al-Sulaiman said that the General Traffic Department has the jurisdiction to monitor traffic violations. Besides, issuing tickets while Najm has nothing to do with such aspects of road traffic.
“The percentage of localization in the insurance sector reached 75 percent; while the rate of Saudization in the Najm Company exceeded 97 percent,” he said. While noting, that there has been an expansion of Najm services within the Kingdom; and in the region as well as by providing a unique Najm experience.
It is noteworthy that Najm for Insurance Services Company created an efficient platform to simplify; address; and resolve accident related procedures and formalities.
Since its inception in 2007, this Saudi company has committed itself to providing hassle-free and smooth operations within insurance companies.