The regulatory price cap on compulsory motor third-party liability (CMTPL) insurance, introduced in April 2017, has seen losses in this branch of insurance in the past five years, except for one year.
Health insurance, which includes both compulsory and non- compulsory lines, accounted for 59.7% of the 2021 total market gross written premiums (GWP) in Saudi Arabia. Health GWP in 2021 amounted to SAR25.11bn ($5.63bn) in underwritten premiums, according to "The Saudi Insurance Market Report 2021" released last week by the Saudi Central Bank (SAMA).
The profitability of the motor insurance branch in Morocco has deteriorated sharply in recent years to the point of pushing the regulator into introducing a provision for price risk to discipline the market.
VerifyMe Nigeria has launched a new service to verify the status of a vehicle licence in real-time, extending its portfolio beyond digital ID verification, biometrics, and consumer analytics.
Total net written premiums (NWP) increased by 8.2% to SAR34.6bn ($9.2bn) in 2021 from SAR31.99bn in 2020, according to "The Saudi Insurance Market Report 2021" released last week by the Saudi Central Bank (SAMA).
Car owners have been given a grace period of 30 days to renew an expired driving licence in case they have caused an accident so that they would still be protected by motor insurance coverage, sources working in the insurance sector have said.
The average annual motor insurance premium charged in the first quarter of this year was in the range of CNY1,000 ($147) to CNY3,000, according to the 1Q2022 quarterly solvency reports filed by 59 property insurers as of 9 May. More specifically, the average auto premium for the 59 companies amounted to CNY2,015.
Written premiums in vehicle insurance business in Saudi Arabia amounted to about SAR8.16bn ($2.18bn) in 2021, 2.3% or SAR195.5m lower compared to about SAR8.36bn in 2020.
Some of Australia's biggest insurance companies have discreetly introduced policies to use generic, non-genuine (off-brand) parts in crash repairs.
Private non-life insurer HDFC ERGO has launched the country's first 'pay as you drive' programme, insurance that offers distance-based insurance under the own damage section to help reduce upfront insurance costs.