As part of its continuous endeavor to enhance digital transformation and provide distinguished services that contribute to facilitating policyholders’ access to insurance services, the Financial Services Authority has launched a new service for online calculation of refunded premium for  motor vehicle insurance according to the standard   motor vehicle insurance policy.

This service aims to enable policyholders to calculate the amounts due for refund in the event that the policy is canceled before its expiry without the need to visit the branches or communicate directly with the insurance companies. Through this digital tool, customers can find out the value of the refunded premium in easy and quick steps through the FSA’s website.

This service echoes the FSA's commitment to enhancing transparency and clarity in insurance procedures as it enables customers to calculate the amount of the refundable premium in accordance with the terms and conditions specified in the standard policy. It also confirms the FSA’s keenness to provide innovative digital solutions that contribute to improving consumers experience and keeping pace with technological developments. The FSA calls on all motor insurance policy holders to benefit from this electronic service, which allows them to know their entitlements easily and quickly, thus saving time and effort.

It is worth noting that the FSA continues its efforts to facilitate all services provided to individuals and institutions as the percentage of digital transformation in the services provided by the FSA is more than 93% during the year 2024 and that the FSA was able during the past year to achieve new progress in the digital transformation index as it achieved 84% compared to 76% in 2023.