Global sales of electric vehicles (EVs) are growing fast and emerging as a new risk pool for the motor insurance industry, according to an "Economic Insight" report published by Swiss Re Institute.
Watania Takaful has said that it had rejected zero motor claims, even though in the first few days after the heavy rains in April, the company received three times the daily average number of motor claims and an average number of daily calls of over 1,000 from customers.
The Insurance Regulatory Commission of Sri Lanka (IRCSL) has introduced an Optional Compensation Scheme (OCS) through licensed general insurance companies to provide compensation to third-party victims of motor vehicle accidents or their legal heirs.
The Office of the Insurance Commission (OIC) has ordered the 23 insurers that offer products covering electric vehicles (EVs) to submit their risk management plans for this nascent line of business.
Insurers should settle cross-border motor insurance claims swiftly to promote trade and the movement of people in the Economic Community of West African States (ECOWAS), according to Mr Henry Bukari, the chairman of the Council of Bureaux of ECOWAS Brown Card Insurance Scheme.
Motor insurance premiums in Saudi Arabia achieved a record level of about SAR14.3bn ($3.81bn) in 2023, jumping by 38% compared to 2022, according to a study by the Financial Analysis Unit of the publication Al-Eqtisadiah.
Insurance brokers estimate that approximately 100,000 vehicles in the UAE were affected by the rains in April, with the number equivalent to the cumulative total of the past 12 years.
The Financial Services Authority (OJK) is urging general insurance companies to develop risk mapping for electric vehicle (EV) insurance, even as the regulator encourages the development of the EV insurance market.
There is a clear role for insurers in Australia to unlock the opportunities offered by the growing Electric Vehicle (EV) market, as well as to manage any potential risks, says the Insurance Council of Australia (ICA) in an industry paper.
The automobile insurance market in Côte d'Ivoire is doing well, according to the director of services at the insurer, NSIA Assurance, Mr Mel Bedje.