UAE – Insurance pricing rules for cars soon
Tuesday, 09 22 2015, Category: Insurance and Reinsurance, Country: U.A.E
The Insurance Authority is planning to launch new pricing rules for motor insurance policies based on nine adjustments in both the comprehensive and third party insurance policies.
The new amendments expand the scope of insurance coverage in order to tackle the losses realized by insurance companies when they decrease prices below the technical rates.
It expected the completion of the amendments’ project during the current year, confirming that the implementation of the financial guidelines will prevent the underpricing which is practiced by some company by forcing them to allocate additional reserves.
Source: Al Roeya - UAE