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Motor Insurance is a type of insurance that protects your autos financially from any risks. The policyholder’s car or two-wheeler is financially insured in the event of an accident or other risk.
Personal car owners who use their vehicle for personal purposes obtain private car insurance. A car owner can choose from a variety of policies.
People who drive cabs or use their automobile for business should get commercial car insurance. Vehicle ownership is no longer a luxury; rather, it is a necessity.
A car increases your mobility while decreasing your dependency on public transportation. However, driving on roadways comes with its own set of risks.
Driving discipline and poor road conditions significantly increase the chances of an accident. Such an uncomfortable event could harm one’s reputation.
The Cameroon Motor Insurance Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2022 to 2030.
A contract in which the insurer bears the risk of any loss incurred by the owner or operator of a vehicle and a third party because of property or person damage in the event of an accident.
The total amount of direct written premiums in Cameroon’s motor insurance was few billion, an increase of %. During the review period, the category experienced a CAGR.
Cameroonian motor insurance companies have begun negotiations with the government to raise the cost of their services. They stated that the new price grid would go into effect.
One may have noticed that certain businesses have a paucity of insurance certificates. The reason for this is because motor insurers believed the new price scale would go before, they received new Ministry of Finance licences.
However, officials have not yet validated the requested increase a Yaoundé-based company noted. According to credible sources, vehicle insurance businesses perceive their business to be marginalised due to poor revenues, even though the cost of stamp duty was raised
