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Competition hits insurance rates, reinsurers shut shop

Posted On: Apr. 23, 2019 6:21 AM CST

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U.A.E.-based Orient Insurance P.J.S.C. said that increasing competition has reduced insurance rates, hampered profitability and forced several reinsurers to shutter, Middle East Insurance Review reported. Orient Insurance said that property insurance rates declined 40% while business volumes continued to decrease in 2018.

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