UAE – Will fire insurance become compulsory?
Monday, 10 16 2017, Category: Insurance and Reinsurance, Country: U.A.E
In light of the series of fires that took place in the UAE during the latest months in a number of regions, the Insurance Authority announced its plan to introduce the “compulsory fire insurance, that will follow compulsory motor and health insurance”.
The repetition of the scenario of fires that affected buildings, towers, and warehouses in the latest period especially those that are covered by the very inflammable “cladding” helped increase fire insurance prices by 10% to 25%. Moreover, insurance demand increased for building, high-rise towers, and factories thereby increasing competition among insurance companies.
Source: Al Hayat