Insurance advisor Walid Al-Humaid explained the reasons for the rise in car insurance prices in the Kingdom.

Al-Humaid added, in an intervention on Al Arabiya FM, that 'car insurance prices are rising due to the loss ratio incurred by insurance companies because of accidents.'

He added, 'Insurance companies review their insurance portfolios and evaluation based on criteria set by the Insurance Authority, as well as the decline in profits of companies concerned with general insurance this year, so companies want solutions to cover the losses they incur, including raising car insurance prices to compensate for losses.'

The insurance advisor continued, 'Some insurance companies are profitable yet still raise car insurance prices, raising questions about the reasons for the price increase; but some companies profit from other products while not profiting from vehicle insurance.'

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