A new motor insurance pricing has come into effect in Mali on 1 July.
The increase in motor insurance premiums represents the strict application of a new tariff decided by a ministerial decree. The objective is to protect against automobile third-party liability claims, according to Studio Tamani, a media organisation that broadcasts radio programmes.
Under the tariff changes, the motor premium rate is increased on the first subscription. However, the premium will be reduced for subsequent subscriptions.
Mr Housseny Sidibé, director of production and reinsurance at Assurance Lafia and a member of the committee that worked on the new motor tariff, said that the authorities require all motor insurance companies to respect the minimum tariff.