Insurance companies are currently in a frantic race to sell as much insurance as possible in various lines of business, at preferential prices.
Many insurance companies have resorted to offering discounts on insurance policies, in order to gain the largest possible amount of written premiums and to keep their market shares by the end of this year, according to Al Khaleej quoting industry sources. They are working too to ensure liquidity, especially through motor insurance, to be able to carry out daily operations.
The insurers are also trying to meet annual technical profit and premium targets set by reinsurers, the sources said.
An executive of a local medium-sized insurer said that his company recently granted discounts of up to 30% on insurance products, covering most of the risks that the company deals with, such as motor, fire, health, and property.