Industry executives note a surge in demand for comprehensive motor insurance, particularly with a focus on safeguarding vehicles against floods and natural disasters, as motorists seek protection from recent weather-related damages.
Impact of Recent Heavy Rains:
The UAE witnessed heavy rains earlier this month, causing extensive waterlogging and vehicle damage.
Avinash Babur is the CEO of the insurance market.ae, highlighted a noticeable increase in claims post-rains, emphasizing the unprecedented nature of the downpour in some regions.
Babur emphasized the rise in individuals seeking insurance coverage against natural calamities, rain, and flood-related damages.
He advised caution, urging people not to drive through waterlogged areas and to relocate vehicles from flood-prone zones to prevent potential breakdowns and losses.
Evolution in Insurance Demands:
Julien Audrerie, EVP at Sukoon Insurance, highlighted a growing trend wherein prospective customers request protection against floods and other natural disasters as part of their vehicle insurance coverage.
This trend has intensified due to frequent weather events in recent years.
Response to Weather-Related Claims:
Toshita Chauhan, business head at Policy Bazaar, acknowledged a slight uptick in insurance claims following last week’s rainfall.
Her observations align with the industry’s response, indicating a growing awareness and demand for comprehensive coverage amidst weather-related risks.
