UAE – Half of population without life insurance
Friday, 09 30 2016, Category: Insurance and Reinsurance, Country: U.A.E
Insurance sector experts confirmed that more than half of the population in the country does not have life insurance due to a low level of awareness about its importance and its high prices compared to other insurance branches. Therefore, they ignore life insurance.
Experts said that that the low demand for life insurance is related to the priority given to other insurance branches including health insurance, fears of non-compliance with Sharia, or purchasing life insurance outside the country.
They indicated that there are two types of life insurance. The first is non-Islamic with a fixed return and the second is Takaful offering a variable investment return according to the profitability achieved by the company.
Source: Al Roeya - UAE