UAE – Different increases on motor insurance prices
Monday, 04 03 2017, Category: Insurance and Reinsurance, Country: U.A.E
Managers of insurance brokerage companies said that the prices of motor insurance witnessed different increases during the first quarter of the current year that followed the implementation of the unified insurance contract, indicating the importance of insurance pricing built on many factors such as the driving record of the driver, his age, the number accidents, the years of driving experience in addition to the type of vehicle.
Moreover, they mentioned to “Emarat Al Youm”, that insurers are still monitoring their results and performance during their current period in order to determine prices accurately according to the size of their portfolio in the motor insurance sector, indicating that some companies preserved the average price, whereas other companies chose the highest price according to the pricing policy.
In detail, the manager of sales at “Fidelity” for insurance services, Mr. Adnan Elias said “that the increase in comprehensive motor insurance prices reached more than 80% during the first quarter of the current year compared to the same period last year whereas increases in third party motor insurance prices reached around 100%” indicating that “price increases differ from company to company since the new unified insurance contract was adopted”.
Source: Emarat Al Youm