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According to the Emirates Insurance Association (EIA), comprehensive and third party liability motor insurance rates have decreased by 20 to 30% in 2021. This decline is due to the intense competition between the 48 insurance companies operating in this class of business.
Insurers are now marketing motor insurance policies with prices close to the minimum threshold set by the authority in order to increase their liquidity and market share.
Industry experts anticipate a gradual increase in motor premium rates for this class of business in 2022.
Read also | Best insurance companies in the UAE
According to the Emirates Insurance Association (EIA), comprehensive and third party liability motor insurance rates have decreased by 20 to 30% in 2021. This decline is due to the intense competition between the 48 insurance companies operating in this class of business.
Insurers are now marketing motor insurance policies with prices close to the minimum threshold set by the authority in order to increase their liquidity and market share.
Industry experts anticipate a gradual increase in motor premium rates for this class of business in 2022.
Read also | Best insurance companies in the UAE