UAE – Repeated fires increase insurance prices
Monday, 08 07 2017, Category: Insurance and Reinsurance, Country: U.A.E
Executives of insurance companies expect fire insurance prices to increase by 10% to 25% in the next period especially given the recurrence of fire scenarios affecting buildings, towers and warehouses in the last period including building covered by “cladding” of which the last example was the fire of the “Torch” tower in Dubai.
Experts said that new covers should be added to the coverage of insurance contracts of private buildings and apartments in order to insure house contents and belongings “furniture and electronic appliances” provided their related premium does not exceed 0.001 of the total value of furniture and contents.
Source: Economic Al Khaleej