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DubaiNational Bonds said on Monday most of the UAE residents don’t have an insurance coverage, with only a small minority covered for illness and disablity.About 73 per cent of UAE national respondents who participated in the survey pointed out that they...

Majority of UAE residents don’t have insurance coverage

DubaiNational Bonds said on Monday most of the UAE residents don’t have an insurance coverage, with only a small minority covered for illness and disablity.About 73 per cent of UAE national respondents who participated in the survey pointed out that they...

Majority of UAE residents don’t have insurance coverage

Dubai

National Bonds said on Monday most of the UAE residents don’t have an insurance coverage, with only a small minority covered for illness and disablity.

About 73 per cent of UAE national respondents who participated in the survey pointed out that they do not have takaful life coverage, compared to 27 per cent who are covered by traditional policies, a survey conducted by National Bonds revealed.

The results among expat residents of the UAE indicate that 83 per cent of all nationalities have no takaful life coverage, while 17 per cent have traditional life insurance cover, it added.

“We are not surprised with the Q3 results of the National Bonds Financial Health Check - it reiterates our understanding that the awareness about the benefits of takaful coverage is still minimal among the UAE residents. This explains the slow growth of the takaful sector in general,” Mohammad Bitar, Chief Commercial Officer of National Bonds, said in a statement.

National Bonds is currently settling the first claim for coverage against loss of employment by one of its regular savers via the strategic local Takaful partner. The total amount of Dh60,000 will be paid out in monthly instalments of Dh10,000 over a six-month period.

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