UAE – Increasing motor insurance prices prevents claim delays
Wednesday, 10 28 2015, Category: Insurance and Reinsurance, Country: U.A.E
Motor insurance prices increased by 12% since the beginning of the current year as some companies seek to limit their losses given the increases in repair costs and new vehicle prices to a large extent. This will prevent insurers from delaying claim settlements.
The Emirates Insurance Association and insurance officials clarified that large and old companies in the market took the lead in increasing prices and were subsequently followed by a number of Takaful companies, expecting that additional companies will raise prices in the next period.
The also confirmed that the increases serve the interests of the market and all its constituents and that the policyholders’ interest includes dealing with strong companies capable of covering risks without delaying claims’ settlements instead of having companies exclusively competing on prices regardless of the quality offered.
Source: Al Roeya - UAE