Deregulation of motor insurance tariffs delayed

The Jordan Insurance Federation and the Insurance Commission have jointly decided to postpone by two months the effective date of the liberalization of motor third party liability tariffs. Because of unresolved technical problems, deregulation, initially planned on March 1, is now set for May 1.
This measure is designed to encourage competition between the country’s 28 insurers. Insurance companies have reported 60 million JOD (84.7 million USD) of losses in this class of business during the last two years.

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