In response to the growing number of road traffic accidents, several Middle East nations have taken action and enacted a series of harsher regulations and stricter enforcement policies aimed at curtailing the disturbing growth in road casualties and fatalities. Andy Staudt of Towers Watson examines the economic impact of this policy shift.
The measures, while still in their infancy, have already shown great promise reducing accident and casualty rates by upwards of 30 to 50 per cent. The result has been significant insurance savings over the past several years (approximately $160 million for the UAE alone). Ultimately, insurers can expect to see additional savings over the next few years as these programs reach maturity and industry loss ratios stabilize 5% to 10% below their 2007 and prior levels
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