UAE – Customers refuse high motor insurance prices
Tuesday, 04 11 2017, Category: Insurance and Reinsurance, Country: U.A.E
Employees of insurance companies operating in the United Arab Emirates confirmed that the last regulatory decision related to the increase of the motor insurance prices by setting a minimum and maximum price led customers to look for the lower price regardless of the quality of service. Therefore, this created an intense competition to attract customers who look for the minimum price approved by the regulator. The employees of insurance companies confirmed that this search for the lowest price motivated insurers to decrease motor insurance prices lately compared to the prices initially set when the two new contracts for “Comprehensive” and “Third Party” were enforced in the beginning of the current year.