Half of UAE residents rank life ins. as key concern
Monday, 06 01 2020, Category: Insurance and Reinsurance, Country: U.A.E
Life insurance has become increasingly important to UAE residents following the impact of the coronavirus pandemic, with 46 percent noting it as a top financial priority, according to a new report from insurance provider Zurich and research firm YouGov.
The COVID-19 pandemic is predicted to cause the biggest global recession in nearly a century, with businesses struggling as consumers stay at home and jobs evaporating. The UAE has implemented several measures to shield its economy from the worst effects of the downturn, including a variety of giant economic stimulus packages.
In this context, consumers have begun to worry more about themselves, Walter Jopp, CEO of Zurich in the Middle East said.
“The unprecedented nature of COVID-19 with the rising rate of infections and the increasing death toll across the globe has altered the mindset of individuals,” Jopp said in a statement.
The pandemic has also significantly altered consumer behavior, with ecommerce emerging as a much more popular solution to buy products.