UAE property insurance rates rise 10-15%
Property insurance rates in the UAE rose by 10 to 15 percent due to flooding losses, Marsh, a US-based broking and risk management company, said in its Q4 2024 IMEA Insurance Market Rates report.
Insurance companies in the UAE increased premiums by up to 30 percent after the unprecedented heavy rains recorded in mid-April, local newspaper Khaleej Times reported in May 2024.
According to Marsh, property insurance rates in Saudi Arabia fell by about 10 percent, but no specific reasons were given.
The UAE's power and water sectors are vulnerable to climate change's adverse effects, Dewa said in its 2023 integrated annual report.
(Writing by P Deol; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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