UAE - Insurance Authority: 15.6% decline in motor premiums
Tuesday, 07 07 2020, Category: Insurance and Reinsurance, Country: U.A.E
The Insurance Authority revealed that the average value of car insurance premiums in the post-Corona virus period, which was new this year, decreased by 15.6%, compared to the average price over the past year. The authority stated to «Emirates Today» that it has issued a decision to give a discount of up to 50% for the minimum insurance premium for specific categories.
In addition, the Emirates Insurance Association said that vehicle insurance rates have already witnessed a decline in recent months due to several factors, the most prominent of which is competition between companies, in addition to the low number of insurance claims with the decrease in vehicle driving rates among individuals during the period of national sterilization.
Source: Teller Report