UAE - Home ins. adoption remains low
Friday, 01 17 2020, Category: Insurance and Reinsurance, Country: U.A.E
Home insurance adoption rates remain low in the UAE despite relative affordability when compared to other markets, according to Zia Ul Jaweed, claims director at RSA Insurance.
The issue of insurance was starkly highlighted in the UAE earlier this week, when many local residents reported damage or flooding as a result of several days of heavy rains.
Speaking to Arabian Business, Jaweed said that, in his experience, many local residents still do not have insurance because it is not required by law or because it is assumed to be costly.
“While this is true [that it isn’t required by law], it’s still important to protect the things that matter to you the most.”
“Many people make the assumption that home insurance is expensive because it protects valuable items, but this is not the case,” he added. “Because of the relatively low adoption rate of home insurance in the UAE, insuring your home is relatively affordable.”
According to Jaweed, insuring items to the value of AED 100,000 costs approximately AED 1 per day.
“As more and more people make the UAE their home, we’re seeing a significant yearly increase in home insurance queries,” he added.
Source: Arabian Business