Jordan: Reducing traffic accidents is beneficial for insurers
Friday, 06 24 2016, Category: Insurance and Reinsurance, Country: Jordan
Traffic accidents and their consequences are a major challenge to the Jordanian society. They cause approximately 700 fatalities and 15 thousand injuries each year, and their economic cost is estimated at 250 million dinars annually.
The reduction of accidents and their high-cost consequences requires considerable efforts but can have great returns on the Jordanian society. In addition, it will be in the financial interest of insurance companies that bear the repair costs of damaged vehicles in addition to the compensations and medical treatments paid for the victims. This equates to about 10 million dinars in annual losses in the compulsory insurance branch.
In an attempt to cut their losses, insurance companies funded a number of related projects, including the E-kroka project aimed at reducing contrived accidents, and the traffic data linkage project in collaboration with the Traffic Management Body, which allows insurers to obtain comprehensive information on traffic accidents by linking data from multiple sources.
Source: Insurance Panorama