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Vehicle Insurance Premiums Gain on Saudi Diyah Money: Riyadh

Dec. 24 (Bloomberg) -- Saudi insurance companies doubled insurance premiums after the kingdom raised the amount of compensation paid to the families of people who have been killed, al-Riyadh newspaper reported, citing Shura Council member Fahad al-Anizi.

So-called Diyah is now estimated at 400,000 riyals ($107,000) for murder and 300,000 riyals for wrongful killings compared with 100,000 riyals over the past 30 years, the newspaper said.

The increase is due to rising camel prices in the past few years, a reference for Diyah under Islamic law, al-Riyadh reported, citing al-Anizi.

To contact the reporter on this story: Deema Almashabi in Riyadh at dalmashabi@bloomberg.net

To contact the editor responsible for this story: Riad Hamade at rhamade@bloomberg.net

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