UAE – The local market will tend to compete on price
Saturday, 11 19 2016, Category: Insurance and Reinsurance, Country: U.A.E
The “Union Insurance Company” said that most insurance companies operating in the local market would tend to practice price competition, which will contribute to an increase in technical losses. Therefore, regulation and supervision have to control this phenomenon.
The company explained that underpricing will reflect negatively on the quality of the services provided to the insured, indicating that there is recommendation to increase motor insurance prices which are below their technical levels by a percentage of 50%.
And it indicated that the company is about to appoint consultants in order to reengineer its investment portfolio.
Source: Emarat Al Youm