Merimen, a provider of software solutions in the motor insurance industry, has expanded its operations to Japan and appointed Mr Takeshi Taniguchi as its country director.
The motor insurance segment has posted losses for five straight years, says Mr Kheedhej Anansiriprapha, executive director of the Thai General Insurance Association (TGIA).
The number of vehicle insurance policies registered in 2018 in Oman increased by 7.4% compared to the previous year.
Competition has negatively affected the motor insurance reward system under which auto insurers grant a discount to drivers with clean traffic records.
South African insurer OUTsurance says that its car accident claims are falling as people are cutting down on driving given the depressed economy, and because of improved vehicle safety technology and ride-sharing apps (like Uber).
In domestic motor business, claims costs are being driven up by the increasing cost of repairs on new technology, though claim frequency is flat, says Taylor Fry, an analytics and actuarial consulting firm.
The UAE Insurance Authority (IA) is working to apply a vehicle technology system to monitor the behaviour of drivers and to guide them so as to avoid traffic violations.
Heavy penalties set out in the new Motor Vehicles Act are believed to have led to an increase in sales of motor insurance policies.
Insurance companies have said the poor performance of compulsory motor third-party liability insurance business is making victims of road carnage more vulnerable, calling for the amendment of its legal framework.
Online motor insurer Beema has launched a pay-per-km auto insurance scheme that gives cashbacks to eligible policyholders.