UAE property insurance premiums to soften despite blazes
Wednesday, 02 24 2016, Category: Insurance and Reinsurance, Country: U.A.E
Property insurance premiums in the UAE could fall this year despite a spate of high-rise fires because of excess capacity in the market, a new report from Marsh shows.
The global insurance brokerage expects overall property premiums to fall by between 10 and 20 per cent amid fierce competition in the sector.
Several high-rise fires including one at the Address Downtown Dubai on New Year’s Eve have drawn increased scrutiny from insurers.
“The general liability market is highly competitive, especially for those accounts that are considered to be well risk-managed and profitable,” said the Marsh Insurance Market Report 2016.
Source: The National – UAE