The number of traffic accidents in Turkey in 2021 stood at 430,204, according to the Traffic Department of the General Directorate of Security.
While vehicle owners in general have benefitted in terms of higher coverage and lower premiums from the comprehensive reform of auto insurance in China, the combined ratio of motor insurance in several geographical markets in the country exceeds 100%, raising questions over the sustainability of the auto insurance market.
Electric autonomous vehicles will certainly help businesses reduce their carbon footprint, however, the evolving technology could also bring up liability issues.
The Competition Protection Agency (CPA) in Kuwait has suggested in an updated study setting minimum prices for motor third-party liability (MTPL) insurance.
December was once again the riskiest month for car park crashes, with around 40% more of such incidents compared to the monthly average, according to data from AAMI, one of Australia's largest national car insurers.
The Insurance Authority (IA) has invoked powers under the Insurance Ordinance to take full control of the affairs and property of Target Insurance (Target) in order to maintain market stability and protect policyholders' interests and to keep thousands of taxis running on the road.
The High Court declined last week to suspend increases of up to 50% in premiums for motor vehicle insurance and has instead directed the parties involved to appear before it this week.
The IRDAI has issued an exposure draft that seeks to revisit a 2015 regulation that fixes obligations for general insurers with respect to motor third-party liability (MTPL) business in a bid to increase MTPL insurance penetration.
Due to the negative real interest rates on investments, it does not seem possible for insurers to offset with investment income the losses that they would incur in underwriting, says Anadolu Sigorta deputy general manager Mr Fatih Goren.
New rules introduced by the insurance regulator under the Traffic Insurance General Conditions, which were published on 4 December 2021, will result in higher compensation costs for motor insurers, says the Insurance Association of Turkey (TSB).