Bahrain – There is no specialized Nat Cat contract
Thursday, 12 29 2016, Category: Insurance and Reinsurance, Country: Bahrain
Mr. Younis Jamal CEO of Takaful International said that all insurance policies cover natural catastrophes including rain floods, which can be covered in the motor contracts, which contribute 28% of total contributions in the Bahraini insurance market in year 2015, fire contracts that represent 17% of total market premiums or marine insurance representing 3% of total premiums or engineering insurance representing 6% of total contributions in the local insurance market.
Mr. Younis added “There are no natural catastrophes in Bahrain such as earthquakes and volcanoes and there are no specialized insurance contracts for natural catastrophes. However, Nat Cat represents a part of motor, marine, engineering and fire insurance contracts. This coverage is offered according to the demand of the insured and usually covers rainfall, floods or windstorm, which can inflict damage on homes and cars. The insurance company can pay the sum insured of the policy according to its capacity noting that the reinsurer will pay the remaining part. Reinsurers as well do not have specialized Nat Cat policies.
Source: Akhbar AlKhaleej