UAE – 20% increase in comprehensive motor insurance prices
Monday, 05 09 2016, Category: Insurance and Reinsurance, Country: U.A.E
The “comprehensive” motor insurance policies’ prices increased by 20% during the first four months of the current year. Therefore, the average insurance price of “saloon” cars will reach 2,25% of the total book value of the car against an average of 1.86% in the same period last year according to two executive directors in the sector who both confirmed the necessity of correcting prices in order to limit losses.
The average price of comprehensive insurance for a “saloon” car for “agency repairs” increased by 2.5% of the book value of the car from the beginning of the year until the end of the month of April 2016 compared to a rate of 2% of the book value of the car during the equivalent period last year.
Source: Al Ittihad