Motor third party liability and comprehensive insurance rates are falling to the lowest level in the first half of 2022.
According to the Emirates Insurance Association (EIA), the drop was between 12% and 30% for most insurers compared to the same period in 2021. Some Emirati insurers are also reporting a 20% decrease in their motor premiums by the end of June 2022.
According to industry professionals, motor rates have reached the minimum limits set by the regulator. This decrease is attributable to the growing competition. In fact, out of the 48 insurance companies operating in this sector, 40 are offering prices at or near the minimum threshold.
Since the beginning of the covid-19 pandemic in 2020, the UAE motor insurance [4] rates have fallen by almost 40%.