UAE – Banks compel clients to buy insurance
Saturday, 05 05 2018, Category: Insurance and Reinsurance, Country: U.A.E
Some banks compel clients to buy insurance contracts from business partners when they apply for a house loan in order to receive a commission from certain insurers.
Experts told “Al Roeya” that imposing these conditions when clients apply for house loans is against the local insurance market rules.
Furthermore, they described this profit-seeking marketing practice as unprofessional concerning fire insurance and life insurance, which have both to be bought by the client.