Insurance companies in the UAE

Ever wondered how many insurance companies operate in the UAE? Perhaps, that’s general knowledge we all should know. Surprisingly, there are not many reliable sources to give you the most up to date or even accurate information. Ranging from being multinational to local to reinsurance to Takaful companies, you will find a variety of insurance companies, each specialising in one or the other classes of insurance in their own niche market with varying terms and conditions.

Insurance is a necessity and we all need it at one point in our lives. It is therefore always handy to have the knowledge of the insurance market in your very own country. To make our lives easier, I have made a list of all the insurance companies in the UAE (to the best of my ability!) for your future reference.

1. Abu Dhabi National Insurance Companyinsurers-copy
2. Abu Dhabi National Takaful Company
3. Adamjee Insurance Co Ltd
4. Al Ain Ahlia Insurance Co
5. Al Buhaira National Insurance Co (ABNIC)
6. Al Dhafra Insurance Company P.S.C.
7. Al Fujairah National Insurance Co (PSC)
8. Al Ittihad Al Watani General Insurance
9. Al Khazna Insurance Company
10. Al Sagr National Insurance Company
11. Al Saqrational Insurance Co
12. Al Wathba National Insurance Co P.S.C.
13. Alliance Insurance
14. American International Group (AIG)
15. American Life Insurance Company (ALICO)
16. Arab Orient Insurance
17. Arabia Insurance Co Ltd
18. Arabian Scandinavian Insurance Company (PLC)
19. Assicurazioni Generali SpA
20. AXA Gulf Insurance
21. Compagnie Libanaise D’Assurances
22. Dubai Insurance Company
23. Dubai Islamic Insurance & Reinsurance Company
24. Dubai National Insurance & Reinsurance
25. Emirates Insurance Company
26. Gulf Warranties
27. Iran Insurance
28. Islamic Arab Insurance Company
29. Jordan Insurance Co Ltd
30. Methaq Takaful Insurance Company
31. Nasco Karaoglan
32. National General Insurance Company Ltd
33. National Health Insurance Company (Daman)
34. New India Assurance – Rais Hassan Saadi LLC
35. Noor Takaful
36. Oman Insurance Company
37. Qatar General Insurance & Reinsurance Co
38. Qatar Insurance Company
39. QBE Insurance Group
40. Ras Al Khaimah National Insurance
41. SALAMA – Islamic Arab Insurance Company
42. Saudi Arabian Insurance Company
43. Sharjah Insurance & Reinsurance
44. The New India Assurance Co Ltd
45. The Oriental Insurance Co Ltd
46. Union Insurance
47. United Insurance Co PSC
48. Zurich International Life Ltd

Whilst there are several insurance companies selling different types of insurance products, it is quite evidently difficult and sometimes even impossible for you, as an end customer, to compare the policies and pick one that best suits your requirements whether in terms of the level of coverage, price, exclusions, claims procedure, or anything else. Most of the times, you will not have the time and/or the knowledge to scan the documents, understand the jargon and choose the right one.

Which is why, the broking specialists, like myself and my personal shoppers, are here to help you compare, contrast and provide you with a seamless and extraordinary purchasing experience for your insurance. We not just invest in building relationships with the insurance companies so we can get the best deal for you but more so, strive to deliver excellent service and get your claims paid in no time.

So, the next time you want me to advise and help you purchase your insurance, feel free to approach me, Alfred, on InsurancMarket and I promise to provide you with a complete hassle free solution.

Alfred is the insurance genius behind InsuranceMarket.ae and its wonderful insurance personal shopper services. With us you don’t only find the best insurance deals in the UAE, you are also protected by a sound knowledge-based infrastructure and over seventeen years worth of experience in the insurance industry.

[Image source: afia.ae/partners.html]

Add to FacebookAdd to DiggAdd to Del.icio.usAdd to StumbleuponAdd to RedditAdd to BlinklistAdd to TwitterAdd to TechnoratiAdd to Yahoo BuzzAdd to Newsvine

Advertisements

Happy International Women’s Day!

Here is wishing all women a very happy International Women’s Day! Apologies I am a tad bit late but I guess better late than never! I should thank my wife for reminding me of the importance of this day. Fear not if you have no clue whatsoever what this day is all about, I am going to briefly share this knowledge with you like I usually do anyway! 🙂

international_womens_dayInternational Women’s Day is celebrated every year on the 8th of March and is marked to commemorate women’s achievements around the world. Additionally, this day brings into light the issues that women face globally in areas of equality and health & safety. The UN sets a theme every year to bring to our attention a specific area of concern and urges the public and governments to empower women and protect their rights. For example, the official UN theme for International Women’s Day in 2010 was ‘Equal Rights, Equal Opportunities: Progress for All’ whilst this year, the UN focused on ‘A Promise is a Promise: Time for Action to End Violence Against Women’. In other words, it provides a platform for championing women’s rights and equality.

This got me thinking about how the insurance industry is affected and equally, how the insurance, premiums, policies, etc, affect women and their rights. It is imperative to evaluate how general female population is affected by the insurance through ever changing rules and regulations. I am, therefore keen to assess whether the concept of equality is even existent in the market that we operate in?

Let’s take car insurance as an example, several questions come up – Are women better and safer drivers than men? Do they cause more or less accidents than men? What are the frequencies and severities of the accidents they make? Statistics tell us that young men are generally riskier drivers and more likely to cause accidents than women. Using this data, technically premiums should and had been higher for men in the past. However, the new EU equality ruling aimed at promoting gender equality requires all insurance companies in the EU to put actuarial data and gender related considerations aside when calculating the premiums. This in turn has led to women paying higher premiums and men paying lower than what they were paying earlier, regardless of their overall risk profile.

Similarly, statistics suggest that women have higher life expectancy compared to men. Using this knowledge, insurance companies, for several years, have charged women far low premiums for life cover. But then again the EU ruling, demanding gender equality, has resulted in women now paying higher and men lower premiums than before. According to BBC,ABI (Association of British Insurers) estimated that men could see a 10% fall in costs, while women’s rates could rise by as much as 20%.’

Additionally, a standard health care insurance policy will normally not include a maternity cover. A woman purchasing the policy however will need protection against any claims arising due to gynaecological reasons. Adding this cover consequently increases the premium, which is normally paid by women, only because they’re women, whilst men still pay the standard lower premium. In fact, in the US, many insurance companies refuse to offer maternity coverage altogether as part of the health cover. Additionally, women are charged much higher premium than men despite the identical health conditions and despite the exclusion of maternity cover.

Whether the above changes represent equality between men and women is still in question. Perhaps you are the right person to judge whether increasing car insurance premiums suggest discrimination against women or not. Whether to calculate the premiums on the basis of risk i.e. do what the underwriters should be doing, or ignore all of that and simply use the basis of gender equality? Does that mean that the insurance companies should forget about factors such as likelihood of road accidents and life expectancy when gender comes into question? Of course, there are other factors that could be taken into account such as type and value of car, experience, age, loss history, etc for car insurance and pre-existing conditions for life but are they really sufficient and more importantly, fair?

At InsuranceMarket you can compare and get best deals on several insurance policies in the UAE. Click here to follow us at Google Plus.

[Image source:  iranian.com/posts/view/post/10120]

Add to FacebookAdd to DiggAdd to Del.icio.usAdd to StumbleuponAdd to RedditAdd to BlinklistAdd to TwitterAdd to TechnoratiAdd to Yahoo BuzzAdd to Newsvine

Alfred Explains The Principles of Insurance – Principle Three: Indemnity

Now this one is a relatively simpler concept to understand compared to the last two we had discussed earlier. Remember them? Uh, may be? Let me remind you – there are essentially 7 basic principles of insurance. The first one being ‘Utmost Good Faith’ and second one ‘Insurable Interest’. Today we discuss the third principle known as ‘Indemnity’. As the name suggests, it is an indemnification, protection or compensation given against a loss, damage or other financial burden. In insurance, this indemnification is enabled through an insurance contract, whereby the insurer provides assurance to put the insured in the same financial position in which he was immediately prior to the accident/injury/loss.

compensationYour car insurance policy is an example of this. As a car owner, you may have indemnity insurance to compensate for any damages to your car. These damages could be through any sources against which you are insured such as, accident, fire, theft, burglary, malicious act of any third party, etc. In such a scenario, the amount of compensation is limited to the amount insured or the actual loss whichever is lower. The claim amount will never exceed the amount of loss or else the claimant stands to make a profit from his insurance. Additionally, the ‘average’ concept plays an important role in making sure that the claimant who is under insured does not financially benefit from it by receiving a full compensation. In simpler words, this is done by ensuring that the settlement is proportional to the ratio of the sum insured to the total value of the risk covered. The point is to reinstate the insured’s financial position not to make it any better! Hence, it is important that you are not under or over insured in any way. You can ensure this by not only disclosing everything you know accurately but also choosing the right partner or broker who will make sure that you have an adequate cover with the right insurer.

This compensation does not necessarily have to be in the form of cash. The insurance companies may offer other means to restore the financial position of the insured such as through repair, replacement or even reinstatement. The insurer may have agreements with chosen agencies offering repair and replacement services for the insured or otherwise, have a list of authorized dealers where the insured can go for a similar arrangement.

However, it is important to note that this principle only allows for restoration of the financial position. Thus, this principle does not apply to those classes of insurance where financial loss cannot be measured. The two insurance contracts void of this principle are Life and Personal Accident. This is because no monetary value can be placed on human life and therefore the loss is impossible to quantify.

So the next time your broker or insurer speaks of indemnification, at least you know what exactly it means and what you need to keep in mind so that you are adequately ‘Indemnified’ and not under insured!

[Image source: hiscoxusa.com]

Add to FacebookAdd to DiggAdd to Del.icio.usAdd to StumbleuponAdd to RedditAdd to BlinklistAdd to TwitterAdd to TechnoratiAdd to Yahoo BuzzAdd to Newsvine

Alfred Discovers His Clients’ Basic Insurance Requirements

insureToday I had a very thought provoking meeting with my client. A meeting that enlightened me. A meeting that made me understand what my clients really want, what do they look for in an insurance policy and how do they weigh the benefits against the costs of what they purchase from me.

You would wonder what was it all about! Trust me, I spare no opportunity to share the knowledge with you so here it is.

Whether it is mandatory car insurance, home insurance or even one-off travel insurance, most of the clients look for the following four elements when purchasing an insurance product. But just to let you know these are not necessarily in order of importance. However, not every customer is the same. Some clients may place more focus on one over another. After all, it’s all a matter of choice. Nevertheless, these factors are unquestionably important to be considered at all times when conversing with the clients regarding their insurance policies.

First off, the Price of the insurance product in question is considered as one of the most crucial factors by many customers in the market. No one is to blame of course; after all, it is human nature to save money wherever possible. There might be exceptions however; some may be spendthrift but most of them look for a product which is worth it, guarantees value for their money and is cost effective. With increasing number of companies selling insurance direct and via various online platforms, it is much easier for the clients to compare the products and pay the price they would like to pay but is it really just the price that they are after? Surely not!

The Level of Coverage is another key element. Some may not realise and fall for a‘lower price trap’, but one must realise the costs one could incur in a scenario whereby one may very well be paying a much lower price but for a cover that is only on paper. It is imperative to provide the right level of coverage which best suits the client’s requirements. The client needs to be constantly reminded that a lower price may not necessarily be an optimal choice as what it may simply lead to is a diluted or a poor quality product. What they do in fact require is an adequate cover and thorough policy allowing claims to be swiftly paid in case of unforeseen circumstances. The last thing your client would want is a big repair bill simply because a particular type of risk was not covered!

Thirdly, many are now more careful about the level of security with whom they place their insurance with. Post-recessionary times have made the clients more cautious and wary of whether the company will stay and survive, whether it has a good credit rating, whether it will pay the claims and not shy away during the hard times. Clients seek assurance that they are purchasing from the right company with a longstanding reputation and credibility.

Last but not the least, everyone wants Quality Customer Service. Clients want to see if you can go the extra mile for them and whether you are readily available to help and answer their queries.  In essence, customers are not just interested in the product being offered but also the level of service that they receive when they register a claim, when they want to cancel their policy, or even when they have a complaint.

So now you know what to keep in mind the next time you are about to sell an insurance policy to your client. Understand your client’s priorities and dedicate yourself to getting them the best.

Alfred is the wonderful brand mascot of insurancemarket.ae where you can find the best insurance deals in the UAE with a commitment to outstanding claims service. We work only with the leading insurance companies in the UAE like AXA, Chartis, Fujairah National and Salama Takaful.

[Image source: shedworking.co.uk/2013/01/over-3m-homeworkers-potentially.html]

Add to FacebookAdd to DiggAdd to Del.icio.usAdd to StumbleuponAdd to RedditAdd to BlinklistAdd to TwitterAdd to TechnoratiAdd to Yahoo BuzzAdd to Newsvine

Alfred & The Principles of Insurance – Principle Two: Insurable Interest!

insuranceCritics of insurance claim that one of the major flaws is that it is very similar to gambling and hence is unethical – at the end of the day we all know that in Vegas the house always wins. However, they are idiots and haven’t a clue about what insurance really is – and insurance companies DON’T always win (okay, I should not dig myself a hole here). But insurance is never a wager – far from it. I would go as far as saying that insurance is truly the backbone of a robust economy – no insurance, no economy.At the end of the day, it’s because of insurance that businesses can truly thrive in their core function and not worry about operational hazards – without insurance, we would see competent factories go bankrupt because of an unfortunate accident or fire! In addition, the insurance industry, using the significant amount of capital gained by insurance premiums (before claims are paid), generates a significant amount of investment back into the economy – contributing greatly to the national income multiplier. Let’s not forget that it was the insurance business that was at the core of Warren Buffet’s great success. Okay, so enough about how great insurance is – what is insurable interest? Well, it’s precisely because of this principle that we can explain to the critics of insurance that it is everything except a wager.

In a contract of insurance, for a claim to be payable, it is absolutely essential that the conditions brought about by the principle of insurable interest are met. Without going into the caveats to this when looking at different classes of insurance (for example in marine insurance you just need it at the time of the loss whilst in property it is required at the time of inception, loss and claim), insurable interest in simple terms is just that the person claiming should actually have incurred a loss themselves and the insurance policy therefore performs to put them in the same financial position as they were prior to the loss (this is the insurance principle of indemnification, the next article!). As a result, if there is no insurable interest, there is no insurance cover as otherwise the claimant would benefit from the claim being paid. With this simple principle, insurance suddenly becomes this great boon to mankind from just a mere gamble on whether a loss will occur or not!

So, if you own a property, you can insure it. If you rent a property, you can’t insure the property (as it doesn’t belong to you but rather to the landlord) but you can insure the contents that you own. At the same time, you may have to pay for damage to the property if you cause the damage due to your negligence – so you would purchase a liability policy to insure your duty of care towards your landlord. Here we go – insurable interest – you can only insure it if you stand lose financially! Voila!

Alfred is the insurance genius behind InsuranceMarket.ae and its wonderful insurance personal shopper services. With us you don’t only find the best insurance deals in the UAE, you are also protected by a sound knowledge-based infrastructure and over seventeen years worth of experience in the insurance industry. Follow Alfred on Google Plus and Twitter. Here you can also share your thoughts at AlfredsInsurancemarket.


[Image source: cbg.gm/finance_systems/insurance.html] 

Add to FacebookAdd to DiggAdd to Del.icio.usAdd to StumbleuponAdd to RedditAdd to BlinklistAdd to TwitterAdd to TechnoratiAdd to Yahoo BuzzAdd to Newsvine

Alfred Explains The Principles of Insurance – Principle One: Utmost Good Faith!

Utmost Good Faith is also known as Uberrimae fidei. Okay, may the demystification commence: when you’re buying or selling insurance, you’re buying or selling a promise – a piece of paper. When selling something like this you are putting in place an alleatory contract – another big word with a relatively simpler meaning. An alleatory contract is one where one party may get something significantly more during the currency of the contract – or nothing at all. The literal consideration of the contract is not quite fixed. And when this happens, there is a serious moral hazard – a risk that one party to the contract may try and influence the result on the contract when they’re technically not supposed to. In insurance, you may have a liability cover of a million dollars and yet pay only a few hundred dollars for the policy. In this context, it is assumed as a basic principle of insurance that you are acting in utmost good faith and basically not creating a loss that the insurance company would have to pay for.

The big question is how do you actually ‘act in utmost good faith’? Well, basically you’ve to make sure that you do not non-disclose or misrepresent a material fact! Ah – some more beautiful insurance words here! Firstly, what is a material fact? This is any bit of information that can influence an underwriter’s view of the risk. At the end of the day, the underwriter takes risk on behalf of the insurance company he or she is working for and does so on the basis of various bits of information provided. All the information is key to the pricing of the risk and also key to determining whether cover will be offered and to what extent, is material. If, during placement, a material fact is not disclosed or, even worse, misrepresented i.e. incorrectly disclosed, then the insurance contract itself becomes invalid as a fundamental principle has been breached.

Okay chaps, I know this is a bit complicated. This is why the successful brokers have written tens of exams to get where we are. As long as you’ve a qualified, reputed and experienced insurance advisory firm by your side, you can be confident that you’re not going to be in breach of a fundamental insurance principle! But of course, we still require that you act in utmost good faith hence this explanation!

So the next time you insure your car, do make sure you let you provide your advisor with as much information as possible – it might well come in handy at the time of a claim because you acted in good faith and disclosed everything you know accurately! Interestingly, this would also usually help to understand your requirement better so that we can offer or structure the appropriate policy at the best possible price point.

Alfred’s InsuranceMarket is owned and managed by AFIA Insurance Brokerage Services LLC, who have been in operation in the UAE since 1995.

Add to FacebookAdd to DiggAdd to Del.icio.usAdd to StumbleuponAdd to RedditAdd to BlinklistAdd to TwitterAdd to TechnoratiAdd to Yahoo BuzzAdd to Newsvine