UAE - Falling short on insuring family
Thursday, 09 07 2017, Category: Insurance and Reinsurance, Country: U.A.E
About nine in ten UAE residents support a family member, however only a fraction have life insurance or adequate coverage for critical illness, says HSBC.
According to the bank’s The Power of Protection study, 89 per cent of UAE residents are supporting a child or parent financially, yet 79 per cent do not have insurance to pay them a regular sum if a serious illness or accident prevented them from working.
“Even in the most robust market environment, uncertainty and unexpected conditions can affect any working person,” said Gifford Nakajima, regional head of wealth development, retail banking and wealth Management at HSBC, Mena.
Source: The National