With COVID-19 driving down automobile activity, auto insurers in Texas could reap a windfall estimated between $606m and $869m, according to non-profit organisation Texas Appleseed (Appleseed).
New-vehicle sales in China continued to rebound for the third straight month in June as the industry recovery from the coronavirus outbreak gained more speed, reported Bloomberg.
The government plans to launch a cashless treatment scheme for road accident victims with a cap of INR250,000 ($3,300) per case, to ensure that victims have immediate medical care.
The insurance sector in Saudi Arabia suffered motor fraud involving an estimated total of SAR1.2bn ($320m) last year, according to industry players.
New Third Board listed Shandong Yifu Insurance Agency has recently agreed to cooperate on a motor mutual assistance scheme with Shandong Weilian Mutual E-commerce.
Abu Dhabi-based motor insurance tech start-up Motori is working to bring vehicle owners, insurers, road assistance companies and repair shops together on an artificial intelligence-enabled digital platform.
Premium rates for comprehensive motor insurance policies have fallen by 15-20% since the middle of March 2020, and the premiums for motor third-party liability insurance have decreased by 10-15%, according to executives of insurance and brokerage companies.
The COVID-19 pandemic and associated lockdowns imposed by authorities have caused the sales of used cars to outpace those of new vehicles.
Car owners in the UAE are showing increased price sensitivity as they try to lower their car insurance costs by cutting back on insurance coverage, according to a survey by Souqalmal.com, an insurance and banking comparison website in the UAE and Saudi Arabia.
The Capital Market Authority (CMA) has announced launching a new insurance e-service related to specifying the value of a vehicle that suffers total loss in a traffic accident.