Jordan – Calls to remove the compulsory insurance tariff
Tuesday, 10 11 2016, Category: Insurance and Reinsurance, Country: Jordan
A number of insurance companies started consultations to stop the issuance of compulsory insurance policies starting from the beginning of next year in an attempt to stop the losses borne annually according to an insurance official as quoted by “Al Rai”.
The official who chose to remain anonymous told “Al Rai” that a number of companies operating in the local market will communicate in a few days with the “Jordan Insurance Federation” in order to inform it about the decision to suspend the issuance of compulsory motor insurance. The Jordan Insurance Federation will thus need to take all the necessary procedures to notify the official authorities about this decision.
He indicated that the Federation has still not be notified about any action from any insurance company. However, there are verbal requests from most companies in order to take immediate and rapid action to suspend compulsory motor insurance, remove its tariff or raise its price by 50%.
Source: Al Rai