The number of the inter-Arab vehicle insurance card, known as the Orange Card, is projected to reach 5m a year by 2030, said the secretary-general of the General Arab Insurance Federation (GAIF), Mr Chakib Abouzaid.
BYD Insurance Brokerage, a subsidiary of Chinese electric vehicle giant BYD, has officially entered the process of deregistration after just over three years of operation. In a recent notice, the company announced it would be dissolved and apply for deregistration with the relevant corporate authorities.
China's booming NEV sector, now with a market penetration rate exceeding 40%, is driving rapid growth in NEV motor insurance. In Q1 2024, NEV commercial motor insurance premiums reached CNY314.3bn ($43.3bn), up 44% year-on-year. Meanwhile, claims-related filings rose 36.3%, a slower pace than premium growth, reflecting improvements in risk levels driven by advances in vehicle technology.
Around 20m comprehensive automobile insurance quotations are given annually, of which 8.5m were subsequently converted into purchases, according to the Insurance Association of Türkiye's (TSB) vice president Ahmet Yasar who is also president of Maher Holding Insurance Group.
The Saudi insurance market saw mixed financial results in the motor and medical lines in 2024, according to an analysis by Badri Management Consulting, an international actuarial and risk consultancy firm. These two branches are the main pillars of the Saudi insurance sector, contributing a combined 84% of total insurance revenue in 2024.
In its role as the country's insurance regulator, Thailand's insurance regulator, the Office of Insurance Commission (OIC), is promoting motor coverage as a risk management tool to alleviate losses from road accidents, as well as promote safety and create sustainable security for the public.
The Moroccan Insurance Federation (FMA) has revealed several initiatives it is working on to improve efficiency and modernise the industry.
Securities and Exchange Commission of Pakistan (SECP) commissioner Mujtaba Ahmad Lodhi along with officials from the Insurance Division and senior representatives of the insurance industry, attended a meeting chaired by Sindh Minister for Excise, Taxation and Narcotics Control Mukesh Kumar Chawla.
Türkiye's second-hand automobile market is the dynamo of the motor insurance sector because its ecosystem has a volume seven times larger than the new-vehicle market, according to Quick Finans General Manager Nihat Karadag.
China's new mandatory national safety standards for electric vehicle (EV) batteries will take effect on 1 July 2026, these will be the world's strictest EV battery standards.