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80 percent of UAE expats not insured against fire damage

Xinhua, July 31, 2016 Adjust font size:

Nearly 80 percent of expatriates in the United Arab Emirates (UAE), where six major tower fire accidents happened in the past 12 months, are not insured against fire damage, a local financial planner said on Sunday.

"We estimate that almost 80 percent of expats are not protected and that is a frightening statistic," Hamzah Shalchi, Regional Manager at Guardian Wealth Management, said in an e-mailed statement.

It is necessary for the local residents to purchase property and life insurance against tragic accidents such as fire, he said.

On July 20, the 75-storey high Sufala Tower in Dubai caught fire in the lower levels of the building, the third tower blaze in the Gulf state in 2016.

"In home countries, this type of insurance is often mandatory or automatic, but in this region it is often not thought about and people aren't always sure how to go about it. In reality, it is a simple process and there are a number of insurance providers," said Shalchi.

"If something were to happen to the main breadwinner of the family and there was no life insurance in place, the consequences could be serious," he added. Endit