The Ramadan period presents specific challenges to road users for a number of reasons including increased traffic, according to an analysis of motor insurance claims data by Japanese general insurance giant Tokio Marine, presented in collaboration with RoadSafetyUAE.
The problem of insufficient premiums in compulsory motor third-party liability insurance (known as traffic insurance) imposes a great burden on the sector, with many insurers suffering technical losses in the branch, according to Mr Ceyhan Hancioglu, general manager of Magdeburger Sigorta.
The Company for Cooperative Insurance (Tawuniya), a Top Three insurer in Saudi Arabia, has formed a strategic partnership with Ejaro, a car rental platform company.
The Insurance and Private Pension Regulation and Supervision Agency (SEDDK) will hike premiums for compulsory motor third-party liability insurance (also called traffic insurance) based on the damage cost index, starting in May 2024.
The number of serious traffic accidents in Japan caused by distracted drivers, such as those using smartphones while driving, rose to a new record high in 2023.
Nasdaq-listed Cheche Group, China's leading auto insurance technology platform, has expanded its partnership with Sinopec Easy Joy Sales Co, a subsidiary of China Petroleum & Chemical Corporation (Sinopec), to provide embedded auto insurance services in over 5,000 of Sinopec's gas stations nationwide.
The ongoing price war in the Chinese electric vehicle (EV) market has led to people in the insurance industry and car owners to pay attention to whether EV insurance premiums would also be cut.
A woman who falsely claimed that she had been seriously injured in a traffic accident and lost the ability to work, has been convicted for attempted insurance fraud by the district court, according to the Hong Kong Federation of Insurers (HKFI). She attempted to defraud the insurance company of HK$5.4m ($927,824).
There are 12m vehicles plying the roads across Nigeria, of which only 3.11m were insured as of the end of 2023, according to data from the Federal Roads Safety Corps (FRSC) and the Nigerian Insurers Association (NIA).
The Algerian insurance market is estimated to have generated a little more than DZD160bn ($1.19bn) in premium income in 2023, marginally higher than the DZD155bn posted for 2022, according to preliminary industry figures.