The Insurance Regulatory and Development Authority of India (IRDAI) has clarified that only new private cars and two-wheelers will be covered by new rules governing long-term third-party motor insurance, reported local publication Financial Express. While existing vehicles can continue to renew their policies on an annual basis, it will be compulsory for new private cars to go for three-year policies and for new two-wheelers to go for five-year policies.
One out of 20 citizens have experienced an accident or injury in the past six months and more than half (53%) of the cases involve boda-bodas which are bicycle and motorcycle taxis, according to the findings of a new survey.
DB Insurance is driving its entry into overseas markets by acquiring a number of foreign insurers, reported The Korea Times citing industry sources. The non-life insurer has already marked its presence in the US, Chinese, Guam and Vietnamese markets via a localisation strategy where the two main products it sells are car insurance and home fire insurance.
The Jordan Insurance Federation (JIF) has said that it is all for granting discounts on motor premiums to drivers with a clean traffic record. To obtain the discount, customers have to submit the required documents in accordance with the regulations and legislation in force issued by the Ministry of Industry and Trade.
Growth in Saudi Arabia's P&C sector (ex motor) is expected to slow this year to a CAGR of 2%, which is primarily a reflection of slower GDP growth, says investment house Arqaam Capital in a report.
India's love for cricket now resonates on the insurance field with a digital campaign by Reliance General Insurance (RGI) to raise public awareness on the safety of pillion riders on two-wheelers.
Nearly 7 out of 10 consumers buy motor insurance both because third party liability cover is mandatory for vehicle owners and also because the insurance provides protection against financial loss due to damage or theft of the vehicle.
Insurance companies have begun to recover after years of price undercutting, due largely to the unified motor insurance policy implemented by regulators in January 2017, say insurance officials and executives.
Windward Insurance Broker is now open for business with the approval of its licence by the Monetary Authority of Singapore (MAS) in February 2019 and the appointment of its core team members.
Efforts by various agencies and insurance trade bodies have led to a drastic reduction in the theft of motor vehicles in Malaysia.