Life Insurance in UAE , a must have for Have-Nots
The procedure of insurance has been developed to preserve the interests and finances of the policyholders while providing them protection in form of payment in case of any tangible loss. It takes the risk of large, but uncertain damage and loss, so it provides an assurance of the security. The significance of the segment has become more important in modern world of certainty with changing security environment and trends. The policy does not only secure the individuals and corporations, but also have a role to play to stabilize the society order.
In UAE, insurance industry has experienced a great development in recent years. Changing economic trends in UAE has made a considerable impact on insurance trends in Dubai. These changes are driven by the government’s policy to allow foreign expatriates to invest in MENA equities. As of the research conducted by Dubai Chamber of Commerce and Industry, 91 percent of UAE insurance companies are found to be working in Abu Dhabi, Dubai and Sharjah states. Fifty six percent of the UAE companies are owned by the domestic players, sixteen percent belong to the foreign investors while about seven percent share belongs to the other Arab countries. Many UAE insurance companies have an excellent and speedy mechanism including health insurance companies, life insurance companies and vehicle insurance companies providing the best car insurance Dubai.
Several divisions have gained immense popularity in the region. Most trendy insurance segments of the UAE are health, liability, life, property and car insurance Dubai.
This type of insurance pays for the damage or loss of different types of vehicles like car, motor bike, truck and others. It provides the protection of finances of your vehicle in case of any accident causing financial loss to your motor.
With an increasing number of young populations, the health insurance has become a prominent division. This division covers the expenditure of medical treatments in case of a disease. This sort of insurance provides multiple health benefits to the insured.
Life insurance has not been renowned in previous century, but gained considerable importance in 21st century. It provides a monetary support to a descendant's family or other designated recipient’s needs. This division covers 14 percent of total industry segment.
Property insurance provides assurance of financial security against any potential risk to property such as fire, theft or natural disaster damage. With an expansion of the real estate in the UAE, this type has become quite prominent in the region.
Liability is not a very old trend in the segment. It commits to provide you financial assistance in case of your clients’ damage caused by some problem at your end. In the event of any loss, the insurance company will be accountable to refund the loss of the client.
In the UAE, there are number of insurance companies and insurance brokers providing different kinds of insurance like medical, vehicle, liability, property, and life. Among them health insurance companies and life insurance companies need considerable attention to grow as they are still in the developing phase.
Andy Robert is a reputed united Arab emirates insurance agent, and has been working in the local insurance quotes car and life insurance business for the last three years. He has worked as a consultant with a number of reputed financial institutions, and is currently residing in Abu Dhabi.
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