Getting Insurance in Dubai

Life insurance helps in proving financial security to the dependent of an individual irrespective of country and religion. Dubai is considered the hub of insurance industry in UAE which is why it becomes an important growth driver. The insurance market in Dubai is growing at a CAGR of more than 35% on account of organized saving segments. Some of the other factors attributable to the growth of insurance sector are rising income level, rising health consciousness, government initiatives, increased migrants and a huge tapped insurance market.

Getting a life insurance in Dubai is just a few clicks away. The endless websites provides detailed information thus saving consumers time and also avoiding misleading insurance agents. The insurance companies in Dubai also offers product that are tailor made to suit individuals needs and requirement. One has the option from choosing one of the 6 basic plans namely: Term Life Insurance, Whole Life Insurance, Endowment Life Insurance, Variable Life Insurance, Variable Universal Life Insurance, and Universal Life Insurance. Term plan is the most affordable life cover which offers a high level of protection at a low cost. One can also choose a group Term life plan to cover all employees with small premium. Apart from Term plan one can select plans like endowment and variable life insurance.

The insurance market of Dubai can be measured in terms of flow premium between both life insurance and non-life insurance premium. Non-life insurance dominates Dubai market with little more than 20% premium flowing to life insurance sector. The non popularity of life insurance can be because of different factors like religion, culture and cost.

The opening of insurance sector is likely to bring in more competition along with new areas and opportunities to improve business and decrease risk.

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