UAE - Vehicle ins. rates decline by up to 30%
Monday, 08 17 2020, Category: Insurance and Reinsurance, Country: U.A.E
The Emirates Insurance Association reported that the average car insurance rates in the local market witnessed a decline of between 15 and 30% during the current year, compared to its levels in 2019, pointing to the escalation of competition between companies further in recent months.
Emirates Insurance warned that the price cuts and their decline to significant levels may affect the ability of insurance companies to provide services that meet the expectations of the customer during the settlement of claims, and contribute to reducing the level of premiums, as well as the financial solvency of the company itself, which brings it into legislative challenges.
Source: Teller Report