UAE – Motor insurance necessitates underwriting discipline
Wednesday, 08 17 2016, Category: Insurance and Reinsurance, Country: U.A.E
The insurer “AXA” said that the motor insurance market, which is witnessing price corrections will need an underwriting discipline in addition to price increases, indicating that the insurance market will need to move from underpriced business into sound and adequate pricing.
The company expects according to “Emarat Alyoum that price corrections will take place effectively where the average insurance price will increased by 10% to 40% noting that many companies bear high losses in order to achieve production targets using price competition regardless of feasibility and technical figures.
Source: Emarat Alyoum