Najm for Insurance Services praised an initiative launched by insurance companies with support from the Saudi Arabian Monetary Authority (SAMA) to extend the expiry date of vehicle insurance policies for individuals in line with preventative measures adopted by the Saudi government to limit the COVID-19 coronavirus outbreak and its financial reproductions. The initiative, which automatically extends the expiry date of all active individual insurance policies for an additional two months, comes to highlight the insurance sector's contributions aiming to support beneficiaries and enhance their financial capabilities to ease burdens and challenges that have increased as a result of the coronavirus pandemic. It also amplifies beneficiaries' commitment to preventative social distancing measures adopted by the Kingdom's government to cope with the repercussions of the outbreak. In this regard, Najm CEO Dr. Mohammad Al-Suliman commended SAMA's pioneering role in implementing precautionary measures and keeping abreast of all updates, thus promoting the Kingdom's resilience to face any challenges. He also applauded insurance companies' keenness to ensure the safety of all in parallel with national efforts by official entities to limit and contain the COVID-19 outbreak and its repercussions. Dr. Al-Suliman also described the initiative as one of the most generous in the insurance sector on a global level, highlighting its significance at this time, as it reiterates a full commitment to the Saudi government's directives, health safety measures, and physical distancing guidelines aimed at preserving the health and wellbeing of citizens and residents. Under the initiative, insurance companies will electronically extend the expiry date of active individual vehicle insurance policies for two months and provide two additional months to vehicle insurance policies bought by individuals during the period from the 8th of May to the 6th of June 2020, without extra charges and without the client having to approach the insurer. Najm for Insurance Services plays a key and effective role in implementing this initiative, as it coordinated, identified, and uploaded approximately 4.8 million active insurance policies from its certified insurance companies. Najm is also updating all eligible policies data in coordination with the competent authorities, such as "Elm" and "the National Information Center", to enable its supporting role for the initiative and update insured parties' data on the Ministry of Interior's "Absher" system. All eligible vehicle insurance policies will be extended automatically and electronically. Policyholders are not required to apply for extension via insurance companies' websites. — SG
