NEV makers are unlikely to meaningfully expand into NEV insurance underwriting and compete directly with incumbent insurers, due to significant barriers, says Moody's Ratings in a new report.
A combination of favourable government policies and technological advancements in China will continue to support strong growth in new-energy vehicle (NEV) sales in the next 5-10 years, says Moody's Ratings.
The insurance broking community in the UAE has voiced serious concerns over the reported move by Emirates Insurance Federation's (EIF) to cap motor insurance commissions. The brokers have said that such a move could destabilise the UAE insurance industry.
Property and casualty (P&C) insurers in China , which has one of the fastest-growing new energy vehicle (NEV) markets, will see a more profound credit impact from NEV adoption compared to their global peers, says Moody's Ratings.
Insurers are navigating a complex terrain to price electric vehicles (EVs), according to InsuranceMarket.ae founder and CEO Avinash Babur. InsuranceMarket.ae is an InsurTech.
The Emirates Insurance Federation (EIF) has proposed imposing a ceiling on the commission rate charged by motor insurance brokers.
The total motor insurance premiums generated in 2023 amounted to about AED5.9bn ($1.6bn), of which AED4.3bn was accounted for by locally incorporated companies and AED1.6bn by foreign insurers, according to data released by the Central Bank of the UAE.
Shory Insurance Brokers, which offers digital insurance solutions, has formed a new partnership with Yas Takaful, a prominent Islamic insurance provider in the region.
Comprehensive motor insurance policies in the UAE for electric vehicles (EVs) are on average 25% higher than those for fossil-fuelled cars, according to sources working in the sector.
While the nature of motor insurance business varies from one Arab country to another, especially in terms of laws and regulations, all Arab motor insurance markets face common challenges that require taking prompt measures to control losses, said speakers at a recent webinar organised by the General Arab Insurance Federation (GAIF).