Okaz/Saudi Gazette TABUK — The medical and health care expenses of road accident victims will be borne by the person who causes the accident, according to the Ministry of Health. If the person has his vehicle insured then the expenses will be borne by the insurance company, said a source at the ministry. "The decision applies to Saudis and non-Saudis alike. There will be consequences for those who refuse to comply with the rules," said the source. At least 23 people die and more than 102 others become crippled every day as a result of traffic accidents all over the Kingdom, according to the Directorate General of Traffic's annual report for the year 2015. The report said that an average of about 1,460 traffic accidents result in deaths or serious injuries every day in the Kingdom. Traffic accidents cost the Kingdom more than SR20 billion annually. Saudi Arabia's insurance market is the second-fastest growing in the Gulf Cooperation Council (GCC) and has good potential for further gains due to its low insurance penetration levels, according to Moody's Investors Service. The Moody's report said that Saudi Arabia's insurance market had premiums worth $8.1 billion in 2014, the second biggest in the GCC. Saudi Arabia was also the GCC's second-fastest growing insurance market in 2014, with an eight-year Compound Annual Growth Rate (CAGR) of 20.3%. Insurance premiums grew by more than 20% in 2014, helped by premium rate increases in the medical and motor sectors.
