Huge Flood Damage Bill For UAE Businesses

Flood damage bills in the UAE could amount to millions of dirhams for most local companies that are not covered against natural disasters, an insurance broker has reportedly claimed. Heavy downpours caused chaos in Dubai, Abu Dhabi and Sharjah this week as motorists were stranded across the emirates. Meanwhile, shopkeepers and small business owners had to clean up after water creeped into their premises.

Flood Victims Denied Payouts From UAE Insurers

Car owners with damaged vehicles caused by recent heavy rainfall in the UAE will not receive payouts from local insurers, a newspaper report has claimed. Drivers in the emirates have been told that insurance policies imposed by the UAE Ministry of Economy do not cover natural disasters such as widespread flooding. The report in Arabic daily Emarat Al Youm also said damage related to flooding was covered in only 40% of UAE insurance policies.

Mega Projects Spur Mideast Insurance Growth

Huge investment in mega projects throughout the Middle East has spurred growing demand for insurance policies, a leading financial expert has claimed. While addressing delegates at the inaugural World Space Risk Forum in Dubai on Tuesday, Ahmed Humaid Al Tayer, Governor of the Dubai International Financial Centre, said: “The region’s huge programme of infrastructure spending on energy, water, transportation and petrochemicals is creating mega projects that require insurance and reinsurance services.”

Dubai World Debt Tribunal Attracts Over 100 Claims

The Dubai World tribunal has been inundated with enquiries from more than 100 lawyers and creditors that claim the government-owned investment company owes them money. Speaking to UAE newspaper The National, Mark Beer, registrar of both the tribunal and Dubai International Financial Centre Courts, said he had been contacted by many people about filing for the tribunal in the wake of the company’s $26 billion restructuring.

AXA Secures Licence To Sell In KSA

AXA Cooperative Insurance Company has secured a licence from the Saudi Arabian Monetary Agency (SAMA) to sell policies in the Kingdom. The company can now offer products in accordance with the Kingdom’s cooperative insurance laws and regulations to Saudi customers. It had already received permission to market and sell motor and medical insurance prior to SAMA’s approval.

« Previous Page