UAE – Uninsured Villas
Monday, 07 09 2018, Category: Insurance and Reinsurance, Country: U.A.E
Informed sources of the local insurance market said that most private properties that were exposed to damage due to the lasted storms and winds are uninsured. They confirmed that insurance penetration is very low especially concerning the owners of residential villas. However, they said that these natural events would encourage owners to buy property insurance.
Moreover, experts told “Al Roeya” that there is a large gap between the effective needs of customers and the actual demand, so some property contracts cover specific risks instead of all risks noting that are multiple coverages that could be purchased such as fire, wind, rain in addition to theft and liability.
Source: Al Roeya - UAE