Maximum premium increase rate for mandatory traffic insurance raised to 10 percent

The Insurance and Private Pension Regulation and Supervision Agency has exercised its authority to raise the maximum premium increase rate for mandatory traffic insurance from 5 percent to 10 percent.

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Insurance companies will be able to apply a 10 percent increase each month in January, February, March, and April.

RAISED TO 10 PERCENT

According to the regulation published in the Official Gazette yesterday, the monthly maximum premium increase rate for mandatory traffic insurance had been set at 5 percent for the first 4 months of 2024. The rate had been applied at 2 percent per month since May 2023.

The Insurance and Private Pension Regulation and Supervision Agency, with the decision it took today, used its authority to raise the 5 percent increase to 10 percent.

News Source: 12punto