UAE insurers experience surge in fire insurance
Wednesday, 05 16 2018, Category: Insurance and Reinsurance, Country: U.A.E
UAE insurers have registered a rise in applications for home and contents insurance following the Zen Tower fire in Dubai Marina - however the surge is expected to be short-lived.
John Waldron, head of private clients at Nexus Insurance Brokers said the company was “busier than usual” with home insurance enquiries since the fire broke out on Sunday morning.
“This is a pattern we have observed after similar incidents in the past,” said Mr Waldron. “When a fire happens, you do see that immediate response, and there is a brief surge in new business enquiries. After the fire in the Torch Tower last year, we saw a massive spike in enquiries coming into the market for maybe a three- to four-week period, but then the interest essentially reverts to typical volumes.”
Penetration rates of home insurance in the UAE are low by international standards,