Gulf: Floods cause estimated insured losses of almost $2.4bn
Source: Middle East Insurance Review | Aug 2024
Total insured losses arising from the 2024 Gulf Floods event are estimated to exceed $1.6bn and could reach as high as $2.4bn for the UAE, of which motor represents ~10%, according to an analysis by Guy Carpenter, with information available as of 30 May 2024.
Given the relatively low insurance penetration rate in the UAE, the economic loss is likely to be much higher.
With the increased frequency and severity of floods observed in the region, Guy Carpenter’s peril and model advisory team is developing its own proprietary model GCAT flood for the MENA region. The rainstorms and extreme flash flooding in April also affected Oman, Bahrain and Iran. M