Magazine date:
Feb 2016 Preliminary figures regarding motor insurance generated a loss of 106 million AED (29 million USD) in 2015, in comparison with a profit of 859 million AED (234 million USD) in 2014.
To fill this gap, Emirati insurers expect a rate increase of between 10 and 25%. Insurers are having trouble balancing the results of a class of business where competition is increasingly fierce.
A meeting between representatives of the association of insurers and actuaries is scheduled for March in order to examine the statistics and find solutions to the deteriorating motor insurance results.