The Address Downtown Hotel fire affects mainly reinsurers

According to Omer El Amin, president of Orient Group, 97% of the damages caused by the fire that broke out in the Address Downtown Hotel in Dubai will be covered by international reinsurers. The remaining 3% will be paid by Orient Insurance. The local ceding company is reinsured by leading players rated at least A- among whom Swiss Re.

Due to the weak retention of the company, the loss will not affect its results for the year 2015. Despite this catastrophe, the net profit of Orient increased by 8% to 272 million Dirhams (74 million Dollars) Compared to 252 million dirhams (68.63 million dollars) in 2014. Gross premiums jumped by 29% at 2.33 billion dirhams (634.55 million dollars).