A recent survey estimates that 70% of motor insurance claims are accident-related with up to 55% of all claims involving only the insured. Common incidents include gates closing on motor vehicles, insured’s reversing into poles or collisions with unseen obstacles. One of the major issues troubling local insurers is that only 35%-40% of vehicles on the road are insured. This creates a headache for insured’s who are involved in accidents where the other party has no insurance.
It also makes it difficult for insurers to keep premiums in the motor insurance space affordable and relevant.