RIYADH: Saudi traffic insurance entity Najm Insurance Services and Emirati traffic control company Saaed have signed an agreement in order to improve accident management and vehicle insurance services in Saudi Arabia and the UAE.
They signed the agreement in Riyadh on Sunday in the presence of Najm’s CEO Mohammad Al-Suliman and Saaed’s CEO Ibrahim Yousef Ramel.
Commenting on the partnership Al-Suliman said: “This agreement forms a starting point for fruitful cooperation between the two nations in the traffic systems sector.”
He added: “Saeed’s work complements Najm’s; where Najm is specialized in vehicle insurance services, Saeed possesses a solid expertise in accident management, which forms an opportunity to achieve a beneficial knowledge exchange, and result in a successful liaison that adds value to the insurance sectors of the two nations.”
Al-Suliman stressed the importance of the insurance sector as a major component of public life, a key contributor to the non-oil local economy in the Kingdom, as well as a main target for enhancing the quality of life as outlined in Saudi Vision 2030.
“Owing to the support provided by the Saudi Monetary Authority (SAMA) and its partnership with the General Authority of Traffic, Najm is keen to develop its services, in particular the vehicle insurance sector, which forms its key mandate and the second largest insurance division in the Kingdom, with 32 percent of all insurance activity,” he told Arab News, adding that Najm had become a role model for other insurance services.
Ramel expressed his delight at signing this agreement, which reiterates the significance of integration to ensure customer satisfaction, enhance the position of both entities and raise their contribution towards achieving an improved quality of life in Saudi Arabia and the UAE.
“The cooperation between the two entities will add value and form a strong basis for a bright future and the development targets of Saudi Arabia and the UAE,” he said.