AXA Gulf Offers Advice To Businesses As UAE Traffic Volumes Return To Pre-pandemic Levels
Press release
How has your fleet been impacted by the Pandemic and what is the longer-term impact?
Highlights
AXA Gulf has identified that motor traffic volumes across the country are returning to pre-pandemic levels according to data publicly available from Google on mobility trends in the UAE.
AXA Gulf, one of the largest international insurers in the GCC, has identified that motor traffic volumes across the country are returning to pre-pandemic levels according to data publicly available from Google on mobility trends in the UAE.
During 2020, the number of accidents on the nation’s roads fell significantly, but with the start of the lockdown more than a year ago the insurer has established that accident frequency numbers are now returning to normal.
Commenting on the reduction in motor fleet insurance prices during the pandemic, Ricardo Arroyo, Chief Commercial Property & Casualty Officer at AXA Gulf, said; “During the pandemic, vehicle usage dramatically reduced, resulting in much lower frequency and therefore a lower claims cost to insurers. With driving behaviour now returning to pre-pandemic levels, we expect to see more accidents and claims than in 2020.”
The insurer recommends that businesses who rely on transporting people, goods, or equipment, to maintain their vehicles in good working condition so their operations run efficiently, and lost productivity is kept to a minimum. It encourages businesses to consider a fleet policy to avoid separate, costly and confusing policies for each vehicle.
Businesses with more than 2 vehicles can secure fleet cover, making it easier to manage and keep track of vehicles. Tailored to individual needs, fleet insurance provide flexibility – even when all vehicles are insured on the same policy.
“At AXA, we acknowledge that every fleet is unique and has ever evolving needs, some of which have come quicker than imaginable in the past 15 months. We have experts on hand to understand the unique impacts and circumstances of your fleet of vehicles that are used by your business and employees. These experts are available to discuss your current and future insurance needs to ensure we have the best cover for you at the price that reflects fairly your usage and requirements.’’
AXA’S Motor Fleet Insurance is designed with multi-cover package and optional add-ons. It offers customers a free assessment of their business insurance needs and provides 24/7 market leading claims service – 95% of repairs are completed within 5 working days thus mitigating the impact on a customer’s business.
Those interested in learning more about AXA Gulf’s Motor Fleet insurance can call 800 AXA (292) or visit our website.
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Background Information
AXA Gulf
VAT or Value Added Tax is a form of consumption tax that is imposed on a transnational level. The GCC has agreed to apply a uniform standard rate of 5%. This standard rate will apply to almost all domestic transactions. UAE and KSA will implement VAT on 1 January 2018, and the other GCC countries are expected to implement in the following 12 months.
In limited instances VAT can also apply at 0% (zero-rate), or transactions can be exempt from VAT, or out of scope.
How it works is that taxable businesses are generally able to recover the VAT they incur on their purchases and expenses.
However, as individuals, we are the final point of the supply chain and therefore, will bear the cost as we are not able to recover the VAT.
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