Increase in fire insurance premium rates in the UAE

The large number of fires happening during summer in the United Arab Emirates is pushing foreign reinsurers to toughen their terms for renewing treaties with local insurers.

In this respect, the latter have decided to increase their fire premium rates from 20% to 40%. For the record, a major fire broke out, in May 2020, in the Abbco Tower of Sharjah.

Consequently, several people were injured and 250 families had to be evacuated. The fire in the 48-storey building damaged 333 apartments.

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