55% of KSA vehicles are uninsured

Updated 25 January 2016
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55% of KSA vehicles are uninsured

JEDDAH: An official at Najm Insurance Services has told local media that the database at his company shows that 60 to 65 percent of the traffic accidents in the Kingdom happen in major cities.
The insurance company specializes in minor accidents dealing with values of less than SR5,000, which make up 70 percent of the total number of traffic accidents in the Kingdom.
The insurance company offers services for applicants regarding traffic accidents that occur in remote cities where there are no such insurance companies. To make use of this innovative service, applicants can send their applications electronically to avoid having to travel long distances.
He said that the total number of the new insurance claim applications is estimated at 400,000 to 500,000 documents each month. He also noted that the available statistics indicate that 55 percent of the vehicles in the Kingdom are not insured, with the proportion of insured vehicles standing at just 45 percent.
He demanded a reconsideration of the applicable insurance mechanism to help increase the proportion of insured cars to 100 percent.


FII delegates pay tribute to Khashoggi, say ‘terrible act not part of our DNA’

Updated 23 October 2018
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FII delegates pay tribute to Khashoggi, say ‘terrible act not part of our DNA’

RIYADH: Speakers at the Future Investment Initiative (FII) in Riyadh did not shy away from addressing what could otherwise have been the elephant in the room: The death of Jamal Khashoggi.
Numerous speakers had pulled out of the event over the death of the Saudi journalist in the Kingdom’s consulate in Istanbul on Oct. 2. Khashoggi’s death was the result of a “rogue operation” by people acting beyond the scope of Saudi authorities, Foreign Minister Adel Al-Jubeir said on Sunday.
Many speakers due to attend the FII — mostly those from Western organizations — had pulled out due to allegations the Saudi government was complicit in Khashoggi’s death.
But speakers at the FII on Tuesday tackled the issue head-on, calling the death “abhorrent” and promising justice. 
“These are difficult days for us in the Kingdom of Saudi Arabia. We are going through a crisis, of sorts, resulting from the very regrettable and abhorrent incident that took place in Turkey,” Saudi Energy Minister Khalid Al-Falih told the audience.
“Nobody in the Kingdom can justify it or explain it. From the leadership on down, we are very upset about what has happened,” he added. 
“The king has made it clear that there will be an investigation, justice and retribution to those responsible.”
The prominent Saudi business executive Lubna Olayan also remarked on the case, saying that the “terrible acts reported in recent weeks are alien to our culture and DNA.” 
Al-Falih said that, despite the ongoing “crisis” due to the case, the ambitious reforms that Saudi Arabia is undertaking would continue. 
“The Kingdom is in the midst of a historic transformation of unprecedented proportions, and the train has moved, and it has moved deliberately toward a transformation journey that will not be stopped,” he said. 
“Those partners who are here with us today, to continue their journey with us are certainly going to look back and find out how the lessons have been learned from the incident, but at the same time how committed the Kingdom is to its partners who stay the course.”