UAE - AED2.94 bn vehicle ins. market premiums
Saturday, 11 14 2020, Category: Insurance and Reinsurance, Country: U.A.E
The Insurance Authority stated that the number of vehicle insurance policies issued in the country during the first half of this year amounted to 1.7 million documents, which constitutes 55% of the total number of issued insurance documents, compared to 3.41 million documents last year, which constituted 45% of the total While the percentage of written premiums in the motor insurance branch amounted to 11.9% of the total written premiums in all branches, with a value of 2.941 billion dirhams, after this percentage was, in the same period last year, 12.8%, and at a value of 3.236 billion dirhams.
The Director General of the Authority, Ibrahim Obaid Al Zaabi – in the opening speech of the virtual conference organized by the Emirates Insurance Association on the digital transformation in vehicle insurance pricing and claims management – stated that the percentage of vehicle insurance compensation paid by insurance companies in the first half of this year amounted to 11% of Total compensation in all branches, with a value of 1.539 billion dirhams, while this percentage was 12% in the same period last year and a value of 1.918 billion dirhams.
Source: alKhaleej Today