UAE: Insurance Authority enforces pricing review

Source: Middle East Insurance Review | Jan 2017

The UAE Insurance Authority (IA) has requested insurers in the country to complete their insurance pricing review or underwriting performance evaluation for all property and liability insurance branches by 1 March 2017.

The regulator has issued a number of instructions that should be followed in actuarial reports related to the review, reported Emirates Today. Insurers have been asked to state the basis relied upon in determining their prices.

The IA issued regulations in 2015 requiring insurers operating in the country to appoint an actuary, registered with the regulator. The actuary has to review and approve technical provisions. The goal is to price property and other insurance policies, including motor insurance covering theft, own damage and third-party liability. This aims to stamp out fierce price undercutting in the market that has led to losses for insurers.

Around 60 insurers operate in the UAE.

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