UAE – Fire insurance prices decrease by 15%
Saturday, 05 20 2017, Category: Insurance and Reinsurance, Country: U.A.E
The fire insurance prices of buildings and towers in the UAE posted the first quarterly decrease following a series of price increases that followed the fire accident of “The Address – Down Town” by year-end 2015 according to brokers and managers of insurance companies in the country who confirmed that this decrease is a positive indicator about the trust of international reinsurers in the local market.
They clarified that insurance companies operating in the country decreased the average price of fire insurance policies on traditional buildings and towers with flammable aluminum exterior cladding by an average of 15% reaching 0.029% of the evaluated value of the building during the first quarter of the year compared to 0.035% during the same period last year.
According to the adopted prices by insurance companies and brokers for traditional buildings without flammable aluminum exterior cladded range between 0.015% and 0.025% of the value of the real estate during the first quarter of the current year compared to prices ranging between 0.025% and 0.03% of the value of the building during the same period last year.
Source: Al Ittihad