{"id":5416,"date":"2016-02-23T00:41:33","date_gmt":"2016-02-22T17:41:33","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=5416"},"modified":"2016-02-22T22:11:48","modified_gmt":"2016-02-22T15:11:48","slug":"uae-property-insurance-premiums-to-soften-despite-blazes","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uae-property-insurance-premiums-to-soften-despite-blazes\/","title":{"rendered":"UAE property insurance premiums to soften despite blazes"},"content":{"rendered":"


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\nProperty insurance premiums in the UAE could fall this year despite a spate of high-rise fires because of excess capacity in the market, a new report from Marsh shows.The global insurance brokerage expects overall property premiums to fall by between 10 and 20 per cent amid fierce competition in the sector.Several high-rise fires including one at the Address Downtown Dubai on New Year’s Eve have drawn increased scrutiny from insurers.
\n“The general liability market is highly competitive, especially for those accounts that are considered to be well risk-managed and profitable,” said the Marsh Insurance Market Report 2016. “Recent high-profile fires are unlikely to impact underwriting attitudes however as these buildings are not excluded by reinsurance treaties, for example the Dubai hotel fire on New Year’s Eve.”However Marsh said that some insurers believe the spate of recent losses could lead to requests for “more detailed underwriting submissions and being more vigilant on risk-management practice”.
\nNeil Irwin, who heads up the regional business of Marsh, said there was an abundance of capital available for the right managed risks and increasing reinsurance capacity becoming established in Dubai.He also acknowledged that there are some risks that may not be so well managed where the approach is to assess the construction of the building, its maintenance and usage.Global insurance groups have taken a keen interest in building facade blazes following a number of high-profile fires linked to the use of aluminium composite panels filled with flammable plastic material.
\nThese include the Torch Tower blaze in Dubai Marina last year and earlier fires at the Al Tayer Tower in Sharjah and the Saif Belhasa Tower in the Tecom district of Dubai.International insurance groups such as Liberty Mutual, FM Global and Tokio Marine have funded research into fac\u00adade fires worldwide. The latest round of results from UAE insurers released this month highlights the competitive pressures facing underwriters as they are forced to slash the cost of policies to win market share. The high-risk strategy has left many exposed and sitting on losses.
\nAbu Dhabi National Insurance Company posted a full-year loss of Dh334.5 million in 2015, while Oman Insurance Com\u00adpany, with the biggest UAE market share, posted a Dh31m loss in the fourth quarter. Zurich has said it plans to quit the non-life business in the Middle East.scronin@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…UAE property insurance premiums to soften despite blazes<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Property insurance premiums in the UAE could fall this year despite a spate of...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-5416","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-1pm","jetpack-related-posts":[{"id":809,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/insurance-premiums-in-focus-after-the-address-downtown-dubai-fire\/","url_meta":{"origin":5416,"position":0},"title":"Insurance premiums in focus after The Address Downtown Dubai fire","date":"January 6, 2016","format":false,"excerpt":"\r \r Insurers are set to review building premiums after the New Year\u2019s Eve blaze at The Address Downtown Dubai.The fire at the hotel was the latest in a string of building blazes in Dubai last year, including ones at The Torch Tower at Dubai Marina in February and the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43083,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emaar-to-receive-dh1-22-billion-insurance-claim-on-address-downtown-hotel-fire\/","url_meta":{"origin":5416,"position":1},"title":"Emaar to receive Dh1.22 billion insurance claim on Address Downtown hotel fire","date":"February 6, 2017","format":false,"excerpt":"\r Dubai developer Emaar Properties has agreed a billion dirham insurance claim with Orient Insurance over the dramatic fire at its Address Downtown hotel on New Year's Eve 2015. In a statement to the Dubai bourse this morning Emaar confirmed that it had agreed the Dh1.22 billion insurance claim with\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":35650,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-marina-location-without-the-stairs-for-dh11-5m\/","url_meta":{"origin":5416,"position":2},"title":"Dubai Marina location without the stairs for Dh11.5m","date":"November 24, 2016","format":false,"excerpt":"\r Known as a city in which penthouse living is very much in vogue, Dubai's urbanites have traditionally been drawn towards the tallest towers with the finest city views.But high profile building fires such as a blaze which engulfed the Address Downtown Dubai tower on New Year's Eve last year\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":708,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/most-dubai-towers-built-before-2012-have-non-fire-rated-exterior-panels\/","url_meta":{"origin":5416,"position":3},"title":"Most Dubai towers built before 2012 ‘have non fire-rated exterior panels’","date":"January 4, 2016","format":false,"excerpt":"\r \r The companies that made and installed the exterior panels on The Address Downtown Dubai hotel say that most of the towers built in the city prior to 2012 used non-fire rated exterior panels.The disclosure comes as investigators probe the causes of the spectacular blaze which was beamed across\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2987,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-address-downtown-dubai-residents-deal-with-the-aftermath-of-losing-their-home\/","url_meta":{"origin":5416,"position":4},"title":"The Address Downtown: Dubai residents deal with the aftermath of losing their home","date":"January 29, 2016","format":false,"excerpt":"\r \r If you found yourself in the middle of a building fire, whether or not you have insured the contents of the apartment in a building you are fleeing is not likely to be at the top of your agenda. 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Images of firefighters attempting to fight the flames and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/5416"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=5416"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/5416\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=5416"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=5416"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=5416"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}