Emiratis do not insure their residence

A survey targeting 1 009 residents of the United Arab Emirates has shown that 94% of tenants do not have home insurance. The vast majority of them do not consider it necessary to insure their property and thus being exposed to fire, flood, storm, or theft risks.

Homeowners are better insured with 22% of respondents holding an insurance policy. The low penetration of homeowner’s insurance for tenants can be explained by the fact that they often believe that in the event of a loss, the property owner is the only one who bears the responsibility. Some tenants believe that insurance is an expensive product while others misjudge the risks to come.