UAE – Insurance Authority saves insurers from bankruptcy
Thursday, 01 26 2017, Category: Insurance and Reinsurance, Country: U.A.E
Insurance experts confirmed that the new decisions issued lately by the Insurance Authority for both motor and health insurance would contribute to boosting the revenues of local insurance companies by up to 50% during the current year. As a result, this will save small insurers from the bankruptcy risk that they faced during the few past years.
Insurance companies faced a survival crisis due to the decrease in profits from year to year. Most of them faced huge losses due to the competitive underpricing policies followed in order to secure market shares given that large insurers control the market.
Source: Al Bayan - UAE