United Arab Emirates insurance industry has undergone many changes in the last decade. Dubai is considered as the financial hub of UAE. Dubai insurance segment has a very positive aptitude to become the top economy of the world by developing business opportunities and expatriate work force. Insurance sector has also gone through a boost and offer the best opportunities in the region. Car insurance companies in Dubai and Dubai medical insurance sector have gained considerable popularity in recent years. Ever since the beginning of 2009, Dubai medical insurance has become obligatory for all inhabitants.
According to the latest figures, insurance segment is developing rapidly at the rate of about 20%. Several types of policies have been incorporated in the system and are considered as mandatory for the residents such as vehicle and health policies are considered necessary. It is vital for the companies to cover the major workforce to get them involved in health segment of the sector. Along with medical segment, it is also mandatory for all vehicle owners to get their cars insured. Life insurance is another type of policy which is highly suggested for the individuals.
In order to attract the foreigners for business development and promotion of the city, Dubai insurance sector also offers several opportunities for the foreigners. Fifty six percent of UAE companies are possessed by the local players; seven percent belong to the other Arab countries while about sixteen percent are owned by the foreign investors.
There are some gaps to be found in some features like car insurance companies in Dubai and insurance quotes car they provide. Their services are being considered as not to be stepped with those of in other developed countries. People under the age of 25 find it hard to get the indemnity. For example, drivers below the age of 25 are finding it difficult to get cover. Additionally, vehicles older than seven years do not easily get full protection and compensation. Talking more about the loopholes, certain policies do not offer indemnity for those cars driving off the road like in some hilly area or dessert. Another major facet of Dubai car insurance is that one cannot claim the compensation in case of an accident when the driver is drunk. It is totally prohibited to offer indemnification for such accidents. One also has to pay the blood-money in case of causality in some road accident. The amount of this compensation is about AED 200,000. These practices are contradictory to those being practiced in other countries of the world.Yet there is a great potential for United Arab Emirates insurance industry to grow. A big factor contributing in development of the sector is the involvement of international players who have entered the field. Car insurance companies in Dubai and Dubai medical insurance needs considerable attention after hey announced these segments mandatory for the residents. A big advantage for those who want to get a policy is the online insurance quotes car, health, life and other segments. Now it is possible for the insurer to get the information from home.
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