 Kuwait city © octal [4], CC BY 2.0 [5] |
This forecast is accounted for by various factors such as the upward revision of tariffs in some countries and the decrease in the rate of uninsured vehicles. Today, the contribution of motor insurance in the overall turnover of insurers is lower in the GCC than in other markets.
In fact, competition over motor risk is pushing premium rates down while claim frequency and repair costs are on the rise.
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[3] https://www.atlas-mag.net/en/issue/insurance-in-the-gulf-between-shadow-and-light
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