UAE – Some insurers raise the brokers commission to 30%
Thursday, 07 16 2020, Category: Insurance and Reinsurance, Country: U.A.E
The Emirates Insurance Association reported that companies operating in the local market have resorted, during the recent period, to the brokers' commission to about 30% due to price competition, and within the framework of increasing the size of premiums in the vehicle insurance sector and raising its market share.
The association stated to «Emirates Today» that price competition in this way may affect the ability of insurance companies to provide services that meet the expectations of the customer, during the settlement of insurance claims, noting that the Insurance Authority is constantly working to ensure the interests of customers and insurance companies alike.
Source: Teller Report