UAE – A new start for the insurance sector
Wednesday, 10 04 2017, Category: Insurance and Reinsurance, Country: U.A.E
The UAE insurance sector witnesses a new start during year. Premiums are expected to further increase following the decision in the beginning of the year to introduce compulsory health insurance for all residents of Dubai, the pricing framework imposed by the Insurance Authority and the laws as well as development plans submitted by the Authority and national organizations.
Moreover, the recurrence of fire incidents at buildings, buildings and warehouses in different regions in the latest period especially the buildings covered by “cladding” which is very inflammable, contributed to the increase of the price of fire insurance by 10% to 25% as well as an increase in the demand for insurance from factories and high rise buildings thereby increasing competition among insurance companies.
Source: Arabs Today