Profit margins under pressure for motor insurers
Source: Middle East Insurance Review | Apr 2022
Motor insurance in the MENA region saw stiff competition during the pandemic with premium prices falling by as much as 20% in the UAE in the first half of 2021. With countries lifting restrictions, traffic is back to normal levels and claims are expected to increase. Insurers are concerned that inflation is raising the prices of vehicle parts and medical claims, but increasing premium prices may be off the cards.
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