UAE – Insurance authority enforces pricing review by March
Monday, 12 05 2016, Category: Insurance and Reinsurance, Country: U.A.E
The Insurance Authority requested insurance companies operating in the country to complete their insurance pricing review or what is known as underwriting performance evaluaiton for all property and liability insurance branches by the 1st of the next month of March according to instructions sent by the Authority of which “Emarat Al Youm” received a copy.
Moreover, the Insurance Authority sent in the beginning of the last month of June a number of technical and regulatory instructions that should be followed in the actuarial reports related to the review and evaluation of the pricing policy of any property and liability product. These instructions are meant to tackle the underpricing competitive phenomenon where insurance contracts are sold below their technical cost. This phenomenon harms competition and causes large losses every year.
Source: Emarat Al Youm