The Saudi Central Bank (SAMA) has said that it is mandatory for all insurance companies to upload vehicle insurance policies of all types (Corporate/individuals), to their computer system, so that the uploading process is synchronised with the completion of the policyholder's purchase of the policy.
Insurance companies in Algeria are expecting the automobile market to add around 80,000 vehicles in 2023 consisting of imported, locally manufactured and used vehicles that are less than three years old.
The digitalisation of the road tax system will have a positive impact not only to policyholders but also the environment, says the General Insurance Association of Malaysia (PIAM).
Motor insurance premiums have increased by between 10-20% since the beginning of this year, driven by the increase in the population of the UAE that brought about growth of vehicle numbers.
Local insurers and regulatory authorities are holding discussions on drivers of foreign-licensed cars engaging in insurance evasion when they cross over to Kuwait.
New technology, the growing importance of AI, autonomous vehicles, and electric scooters are several of the challenges faced by motor insurers that will have to be analysed and quantified in order to continue to insure appropriately.
The annual socio-economic costs resulting from road accidents in Morocco are estimated at around MAD19.5bn ($1.87bn), according to the National Road Safety Agency (NARSA).
Insurance companies will have to pay 20-30 % more in compensation than previously following a decision by the Constitutional Court to annul a provision in the Highway Traffic Law relating to the calculation of compensation.
Najm Insurance Services Company, in cooperation with the Insurance Supervision Department at the Central Bank of Saudi Arabia (SAMA), has upgraded the no-claims discount (NCD) eligibility service.
Vehicle owners in the UAE faced average premium increases when renewing their motor insurance policies in the first two months of 2023 of 7.7%-11% compared to a year ago, depending on the vehicle, model year, and the claims record of the vehicle owner.