Motor insurance business continued to contribute the biggest share of premium income for non-life insurers in 2022, with a market share of 55.22%, according to data from the CBIRC.
Cheche Technology, China's leading auto insurance technology platform, and Prime Impact Acquisition I (PIAI), a New York traded special purpose acquisition company, have entered into a definitive business combination agreement that will result in Cheche Technology becoming a publicly listed company.
The Securities and Exchange Commission of Pakistan (SECP) has formed a working group to explore the feasibility and the mechanism for the effective implementation of "Motor Third Party Liability (MTPL) Insurance" in the country.
Optional financial liability insurance (OFLI) is a must, in the wake of a recent decision by the Court of Cassation (Supreme Court of Appeals) relating to a case in which the ceiling on compulsory motor third-party liability insurance (dubbed 'traffic insurance') is exceeded by the loss of value of a vehicle as a result of a traffic accident.
Chinese electric vehicle (EV) giant BYD has confirmed that it is working on a potential acquisition of E An Property & Casualty Insurance Co (E An P&C), an online insurer that was seized by Chinese regulators in 2020 as part of a crackdown on financial conglomerates, reported Reuters.
Insurers are in negotiations with automobile repair shops, especially in Dubai, to reduce the costs of repairing electric vehicles to encourage individuals to buy environmentally-friendly vehicles.
The Ministry of Finance is drafting amendments to regulations relating to compulsory motorcycle third-party liability insurance, such as reducing tariffs, narrowing the exclusion of insurance liability and increasing the insurance compensation rate.
Vehicle insurance prices have risen by more than 50%, sparking calls for a review of motor insurance pricing, especially for motorists who have accident-free records.
The Insurance Regulatory Unit (IRU) is working on a project to digitise compulsory motor third-party liability insurance policies for cars.
The total number of traffic accidents across Turkiye in 2022 stood at 485,000, according to statistics released by the Traffic Department of the General Directorate of Security.