UAE – Differing increases in motor insurance prices
Tuesday, 03 08 2016, Category: Insurance and Reinsurance, Country: U.A.E
Managers and workers in the insurance sector said that motor insurance prices witnessed differing increases during the latest period, ranging between 10% and 25%. Most companies changed their pricing policies after achieving losses and price increases are expected to continue during the first half of the current year. They mentioned to “Emarat Alyoum” that the new unified motor insurance policy in both its “comprehensive” and “third party” branches will also trigger increases in motor insurance prices as it will add new benefits the most important of which is the coverage of persons currently excluded as well as the replacement car during repairs. And they clarified that the sector should raise prices by 20% in order to reach the technical rates matching the risk level and which help achieve profit margins.
Source: Emarat Alyoum