UAE – Ins. Authority: Discounts for drivers of "clean records"
Friday, 01 03 2020, Category: Insurance and Reinsurance, Country: U.A.E
The Insurance Authority stated that it gave companies the option to provide a discount on the insurance premium to the driver of the vehicle whose record is free of accidents under a certificate proving that, and according to the percentages set forth in the system, noting that it is the responsibility of insurance companies to adhere to the price tariff system set by the authority in accordance with the system issued by them .
The authority stated to «Emirates Today» that, if it is proven that any company issued an insurance policy under an insurance premium that deviates from the legislations issued by the authority, then the company will be in front of an explicit violation of the provisions of the system, stressing that in this case the authority will take legal measures in accordance with the provisions of the legislation the window.
The managers and workers in brokerage companies told Emirates Today recently that car insurance rates fell by 30% in 2019, compared to 2018, in the context of price competition between insurance companies, noting that some companies have become The Accident-Free Clean Mechanism is used as an excuse to "burn" prices.
Source: Teller Report