UAE – Uniform motor insurance policy is very late
Tuesday, 01 26 2016, Category: Insurance and Reinsurance, Country: U.A.E
The Chief Executive of United Gulf Insurance Brokers Mr. Saeed Ahmed Al. Muhairi in a special dialogue with “Al Roeya” said that the issuance of the uniform motor insurance policy has been delayed although it was discussed and studied for a very long period.
He added that the new policy contract took the sufficient time, indicating that the errors of the previous policy model should be avoided through a thoughtful examination of the complaints received by the Insurance Authority instead of relying exclusively on the opinions of the Emirates Insurance Association.
He indicated that motor insurance is an important and fundamental sector but its results were below expectations, which led to price increases last year by 2% against 1.5% increase in past years.
Al Muhairi asked to extend compulsory insurance to all sectors including buildings, residential towers in order offer fire and liability insurance.
Source: Alroeya - UAE