Amendment of the insurance code to promote innovation

A new modification of the insurance code will come into force as of 2017. The authorities are on the brink of finalizing this reform which is meant to promote the expansion of market turnover thanks in particular to the introduction of new products.

Insurance policy tariffs are no longer imposed but rather calculated by the companies themselves. Determining the price will depend on the risk analysis conducted by each insurer, a policy that is likely to encourage innovation. An increase in the turnover coupled with a decline in loss ratios are expected.

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