UAE – Difficulties in securing fire reinsurance
Tuesday, 11 01 2016, Category: Insurance and Reinsurance, Country: U.A.E
Directors of insurance companies operating in the local market said that there are difficulties in reinsuring fire business especially of buildings with inflammable materials, indicating that international reinsurers are hardening prices and conditions when these contracts are renewed.
The mentioned to “Emarat Alyoum” that the capitals of primary insurance companies do not allow them to retain a large share of written premiums, so they have to accept the conditions imposed by international reinsurers. They mentioned that reinsurance hardening conditions are being reflected on insurance contracts according to the nature of the building.
Source: Emarat Alyoum