Insurance is a form or technique hedging financial risk. It is a form of protection against a future possible event. Insurance companies take the responsibility of covering for big or small kinds of loss in which they provide financial protection or reimbursements to their clients, which can be companies or individuals.
Types of Insurance in UAE
Insurances are of many types and may vary across the needs of an individual
- Personal Insurance (Health, homeowners, auto, travel, and life)
- Property insurance
- Liability insurance
- Fire insurance
- Guarantee insurance (such insurance policies are taken in cases like where there are disloyalty, dishonesty, or chances of the second party backing out.)
- Social Insurance
How does Insurance work?
It’s a contract between two people i.e., the insurer (insurance company) and the insured (customer). Insurance companies devise policies in which they set the terms and conditions of the insurance policy they will provide, like the policy limit, premium (price), and deductibles.
Premium/ price is the monthly expense the customers pay to the insurance company, which they pool together to pay for the future losses of their customers. The premium is in line with government regulations. Insurance companies don’t charge huge premium amounts because they don’t want customers to run away.
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The policy limit is the preset amount of time the insurance company will pay for the covered losses under the policy. The limit could be per injury, per loss, etc. It could also be over the entire life of the system that is known as the lifetime maximum. A policy with higher policy limits has high premiums.
Lastly, the deductible is the amount the insured person pays out of his/her pocket before the insurance company pays for the losses. The deductibles act as a warning against several claims. They can be applied on a per-insurance basis depending on the insurer and type of Insurance.
Top 10 insurance companies in the UAE
- Emirates Insurance Company
- AXA insurance Gulf BSC
- Nas Admin service LLC
- Chartered Insurance Institute Group Middle East
- Al Fujairah Insurance Company
- Oman Life Insurance
- Abu Dhabi National Takaful Co.
- Al Dhafra Insurance Company
- Al Sagr National Insurance Company:
- Watania Insurance
1. Emirates Insurance Company
Established in 1982 by Sheikh Zayed bin Sultan Al Nahyan by law, no.6 is one of the leading insurance companies in UAE. It started with a small number of employees and is now known as the best insurance company in the entire Gulf Cooperation Council region. The company offers the best premiums and is the 4th largest insurance company as per gross written premium.
2. AXA insurance Gulf BSC
One of the largest global insurers and a universal leader in Insurance and Asset Management. AXA has been in the Gulf region for more than 68 years, offering a wide range of insurance products and services for individuals, companies, and small, medium enterprises.
AXA is one of the most significant international players in the GCC, covering the UAE, Oman, Bahrain, and Qatar markets. They offer services and products custom made for each individual in which they include casualties, property, life, and health insurance.
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3. Nas Admin service LLC
The company has been operating in the GCC region since 2002, with its headquarters in Abu Dhabi. The company solely focused on providing medical and health insurance. The company has managed to provide adaptable and dynamic solutions in the market place to its business partners.
4. Chartered Insurance Institute Group Middle East
Gaenor Jones leading the operations as regional director for MEA and the Personal Finance Society Chartered Insurance Institute (CII), opened a new office to cover the Middle East and Africa (MEA) region. There is an increasing demand for the CII’s professional qualifications, training, and continuing professional development (CPD) in the area, which has made it a leading insurance and financial service provider.
5. Al Fujairah Insurance Company
Situated in the Eastern part of the country, this is the only insurance company that has its headquarters in Fujairah. The company was established in 1976, and since then, it has branches all over the country with a strong presence in Dubai, Sharjah, Dibba, Fujairah, and Abu Dhabi. The company serves massive clients. The company offers Insurance to all classes of Property and Casualties, including Motor Vehicles and Jet Aircrafts, Marine Vessels, Port Operators’ Liability, Group Life, Medical, and many more.
6. Oman Life Insurance
Oman Insurance Company (PSC), or OIC, is one of the leading insurance solution providers in the Middle East, headquartered in Dubai, United Arab Emirates. It has 15 branches and a strong presence in all UAE emirates, Oman and Qatar. It was founded in 1975; OIC is today a financially sound and professionally managed organization. The company practices specific customer-oriented services through high-quality products. OIC offers a full range of insurance solutions from life insurance, health insurance, and car insurance, personal Insurance to Insurance for medium to large industrial and commercial enterprises.
7. Abu Dhabi National Takaful Co.
Abu Dhabi National Takaful (“Takaful”) was established in November 2003 to provide Takaful’s insurance solutions for the local market. Headquartered in Abu Dhabi, with offices in Abu Dhabi, Al Ain, and Dubai covering the entire UAE. It is licensed by the ministry of commerce and is one of the Islamic companies working in the United Arab Emirates. The company offers products and services of all kinds and is one of the most highly rated conventional insurance companies.
8. Al Dhafra Insurance Company
A publicly owned company that was incorporated in Abu Dhabi under Emily’s Decree No. 8 of 1979 and registered under the provisions of the UAE Insurance Act. The company is one of the leading insurance companies in the United Arab Emirates and offers services.
9. Al Sagr National Insurance Company:
Dubai’s Al Sagr National Insurance Company was founded on 25 December 1979 as a publicly-traded company by Sheikh Rashid Bin Said Al Maktoum, the late ruler of Dubai and Vice President of the UAE it was done and registered with the United Arab Emirates Department of Economics and Commerce (UAE).
10. Watania Insurance
The company is a part of the Abu Dhabi National Insurance Company. The company is a leading takaful company that offers takaful products. It follows the Islamic rules for providing financial services. People who want insurance policies with the Islamic point of view and states get their policies from here. It is the leading auto insurance company in the entire United Arab Emirates.