Dubai is a country that a lot of European businesses are interested in expanding into. Insurance companies in the UAE are licenced and regulated by the Insurance Authority. As such, insurance companies must follow a strict set of guidelines to be accepted as a regulated body. In addition, they also must pay a registration fee. This prevents sham insurance companies slipping through the net and provides an extra layer of confidence in insurers across the UAE. When a prospective company applies, amongst the documents they need to supply is a business plan coupled with an economic feasibility study. This helps to guarantee proper transparency and authenticity within the UAE’s insurance market.
The Growth of Insurance Companies In UAE
Recent figures have shown a determined leap in economic growth in the insurance sector in UAE as the important role insurance companies play in the country’s development has become even more pronounced. Companies like Artificial have helped the industry get up to speed and use the latest technology. There’s an increasing demand for general insurance, along with other specific types such as motor, travel and home insurance. Consumers are seeing the natural progression of this demand by having more options when they look for insurance companies in the UAE. More protections for consumers have been put in place too, with the Insurance Authority further developing existing laws to bring UAE regulations into line with the insurance sectors in other countries. A huge part of this includes increasing the competitiveness of the market for policyholders by regulating for their rights. These improved rights can be seen across the various types of insurance offered by companies in the UAE. For consumers, all this is excellent news. Recent alterations to the law have seen health insurance take its place as a compulsory insurance for employees and others in Dubai. They join motor insurance along with construction all risk insurance, as mandatory varieties of insurance in UAE. Across the insurance sector, then, the rights and choices faced by policyholders are on the increase.
Recent Changes In Medical Insurance In Dubai
Thanks to recent alterations in the law, it is now compulsory for Dubai residents to secure health coverage for themselves. Any resident not adhering to the new rules will face a fine. Additionally, failing to adhere to the insurance law results in visas not being granted or renewed, so it really is vital that residents take the new medical insurance rules on board. There was a huge rush at the end of 2016 as residents scrambled to comply with the new legislation. As with all types of insurance, there are different levels of protection for those seeking health insurance in the UAE. General medical insurance cover generally pays for hospitalization fees, ensuring that patients don’t have to pay for their own care while bills increase every day. Different providers will naturally cover policyholders in different ways, so be sure to check that you’re covered on the things you need to be. Similarly, critical illness insurance provides extended coverage for a range of serious conditions that can severely impact a person financially and personally. Finding medical insurance that covers what you need it to can sometimes appear confusing, especially with the rush in Dubai to secure medical insurance in recent months. However, there are policy brokers available who have plenty of experience in finding the best cover for an individual.
Car Insurance Also Included In Recent Insurance Shake-Up
Motor insurance in the UAE has undergone an overhaul effective of 1st January 2017. The alterations have affected many aspects of policy and need to be considered by those purchasing cars and car insurance in the UAE. For starters, there’s greater protection for drivers who aren’t at fault. This is a result of stricter rules on third-party liability (TPL) insurance. In addition, TPL has been extended to better benefit close family members and there are new rules on maximum excess. There have also been notable changes to how you can select your car insurance in terms of being able to pick and choose which elements are right for you. Instead of a binary choice between TPL and comprehensive policies, you can obtain separate quotes for own damage cover insurance and TPL insurance. These different types of protection can even be purchased from separate insurance companies. As a result of all these changes, however, it’s widely expected that the cost of mandatory motor insurance will rise significantly throughout 2017. This makes searching for the best quote even more of a necessity than it was previously. This is why choosing an effective and competent insurance broker could save you plenty of money.
