UAE: Insurers raise disaster insurance premiums by up to 50%

Source: Middle East Insurance Review | Aug 2024

Some insurers in the UAE have increased premiums for losses arising from Nat CAT, while others are still considering adjustments in rates and will do so soon.

Industry executives said that premium rates for Nat CAT insurance have increased by up to 50% following the record rains the country witnessed in April 2024, which caused widespread loss of cars, homes and shops in the country and huge claims for insurers, reported Khaleej Times.

Currently, the majority – not all – of UAE insurance companies include natural calamities coverage in policies.

“Following the unprecedented rains last month (April), some insurance firms have indeed reassessed their risk models, leading to adjustments in premiums. Some have increased premiums in new policies to account for the heightened risk, while others have maintained their rates but are considering adjustments soon,” said Insurancemarket.ae founder and CEO Avinash Babur. M

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