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Last week, a dramatic disaster unfolded when vehicles parked in a maintenance yard in the Merkato neighbourhood were battered by construction debris. The unfortunate incident hit hard as insurance policyholders watched their dreams of financial security turn into relentless nightmares. The insurance industry is caught in a perplexing bind. Soaring spare parts prices are squeezing profit margins and making it tough to keep premiums affordable, sparking fears of losing customers. Insurers are feeling the heat with motor insurance accounting for about two-thirds of the industry's services. At the same time, policyholders are struggling with underpaid claims and slow settlements, leading to widespread frustration.


PUBLISHED ON Aug 18,2024 [ VOL 25 , NO 1268]

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