UAE – Customers request insurance price decreases
Thursday, 04 06 2017, Category: Insurance and Reinsurance, Country: U.A.E
Customers asked the Insurance Authority to intervene in order to decrease motor insurance prices, which witnessed large increases since the beginning of the current year. The price increase reached 100% compared to the previous years noting that the benefits added by the authority in the unified motor policy do not justify doubling the prices.
Moreover, most insurance companies do not offer to customers different price options and mainly propose the maximum price approved by the authority. This maximum price is a heavy burden on consumers and will be exacerbated by other increases with the application of the value-added tax and other taxes next year.
Source: Al Bayan - UAE