UAE – Skyscrapers’ fires raise insurance costs
Saturday, 05 13 2017, Category: Insurance and Reinsurance, Country: U.A.E
The consequences of the fires that took place in high-rise buildings in the latest years are still being felt in the UAE. And this has an impact on the insurance sector, which became more prudent in risk assessment.
The latest statistics issued by a number of legal consulting companies revealed that the cost of insuring skyscrapers and high-rise buildings rose by 4 to 5 times following the fires that affected hotels and real estate projects such as the “Address Down Town” hotel in Dubai in the new year eve celebrations of year 2015.
Moroever, Emaar properties company received an insurance compensation related to the mentioned hotel, which reached AED 1.2 billion (equivalent to approximately USD 332 million).
Source: Al Kawn News