Najm for Insurance Services has launched the third “Insure & Be Safe” campaign under the supervision of the Insurance Authority and in collaboration with the Executive Committee of Insurance Companies, Vehicle Insurance Sub-committee and other entities operating in the vehicle insurance sector. This campaign is a national initiative aiming at raising insurance awareness, enhancing road safety, improving quality of life, and contributing to achieve the objectives of Saudi Vision 2030.
The campaign, which has the slogan “Don’t Wait,” will run throughout October and November this year. It aims to highlight the importance of insurance as an effective means of protection against the losses caused by traffic accidents and to urge vehicle owners not to wait until accidents occur. It also seeks to increase their awareness of the risks of driving without valid insurance coverage. Moreover, the campaign encourages drivers to take advantage of the services and benefits provided by Najm and insurance companies when purchasing or renewing insurance policies. This includes the ” No Claim Discount,” which allows policyholders to benefit from a discount of up to 60% off the insurance premium due to having an insurance record free of accidents and claims.
Vehicle insurance ranks second in the Saudi insurance sector after health insurance, accounting for 21.8% of the market share, with written premiums totaling 14.3 billion SAR in 2023, marking a 38.2% growth ratio compared to the previous year. The total paid claims in vehicle insurance witnessed a 5% increase, reaching 8.6 billion SAR in 2023, compared to 8.2 billion SAR in 2022. Insurance companies have paid claims amounting to 35.6 billion SAR to vehicle insurance policyholders and traffic accident victims over the past five years (2019-2023).
Commenting on this initiative, the CEO of Najm for Insurance Services, Mr. Mohammed Y. Al Shehri, expressed his appreciation to the Insurance Authority, the Executive Committee of Insurance Companies, Vehicle Insurance Sub-committee, and the vehicle insurance companies for their participation and support of this campaign, and said: “The “Insure & Be Safe” campaign reflects the integral role that the insurance sector plays in enhancing both community and economic safety. It acts as a cornerstone in protecting individuals and institutions from financial risks arising from traffic accidents”.
This campaign not only aims to raise the level of insurance culture but also enhances the community’s understanding of the strategic role that insurance plays in maintaining resource sustainability and reducing the economic impacts of unexpected losses. The third “Insure & Be Safe” campaign is a continuation of the success stories achieved in the first and second campaigns, to raise awareness of the importance of having insurance and its pivotal role in safeguarding the rights of policyholders and traffic accident victims”, Al Shehri added.
Al Shehri also mentioned that the transformation in vehicle insurance sector due to the adoption of digital innovations, has significantly contributed to improving the services offered to vehicle insurance policyholders. He highlighted the ongoing improvements made by Najm to facilitate accident surveying procedures and shorten the amount of time when it comes to issuing liability reports, referring to the pilot phase of the remote surveying service to protect the lives and property of drivers. Najm also offers services that support vehicle owners after an accident, such as the NRN service which was recently launched to provide high-quality repair services for vehicles damaged in accidents, starting from the moment of the accident until the vehicle is returned to the customer’s location. Additionally, Najm also launched the virtual visit service that simplifies access to Najm’s services via video call on the website, as well as the Telematics system which is aimed at improving driving behavior and enhancing safety on the roads.
It is worth noting that insurance companies provide several options for vehicle insurance, including comprehensive insurance, third-party (mandatory) insurance, and programs that combine both, in addition to expansions and value-added benefits, which are solutions that provide safety and peace of mind for drivers and protect the rights of all parties involved.
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