UAE - Axa Gulf rolls out insurance for low-income workers
Wednesday, 10 30 2019, Category: Insurance and Reinsurance, Country: U.A.E
A new free insurance product for domestic helpers in the UAE from global insurer Axa Gulf and financial technology company Rise is aimed at offering better protection to low-income migrant workers.
The life and disability cover offers domestic workers signed up to the Rise platform up to Dh3,000 in protection in the event of accidental death or disability, with an upgraded policy, at a cost of Dh5 a month, offering up to Dh25,000. The technology for the new product comes from Democrance, a digital platform connecting low-income customers to insurance providers.
“Despite the safety nets which exist in the UAE, ‘not being able to send money home’ remains a top-of-mind risk," Michal Matul, senior adviser to AXA Emerging Customers, said in a statement on Tuesday. "Half of the workers we surveyed couldn’t send money home at least once last year, mostly due to sickness, accidents or job loss. This stems from the fact that apart from the national health plan, the majority of migrant workers do not have any other private insurance."
Source: The National – UAE