{"id":809,"date":"2016-01-06T01:03:03","date_gmt":"2016-01-05T18:03:03","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=809"},"modified":"2016-01-05T22:19:43","modified_gmt":"2016-01-05T15:19:43","slug":"insurance-premiums-in-focus-after-the-address-downtown-dubai-fire","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/insurance-premiums-in-focus-after-the-address-downtown-dubai-fire\/","title":{"rendered":"Insurance premiums in focus after The Address Downtown Dubai fire"},"content":{"rendered":"


\n
\nInsurers 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 Regal office tower in Business Bay in November. Mohammed Hesham, operations manager of Abu Dhabi-based Capital Shield Insurance Brokers, said that the impact on Emaar\u2019s own premiums might not be significant as the company owned thousands of buildings and could take a commercial decision to switch insurers if premiums rose by too much.
\nHowever, he believes that insurers will look more closely at the type of materials used on a building, and set higher premiums for those clad in aluminium composite panels.\u201cInsurance is a pool. We all pay into the pool, and whoever has a claim takes from this,\u201d said Mr Hesham. \u201cBut let\u2019s say you have more risk than me \u2013 you should pay more. If an insurer notices that claims from BMW owners are higher than others, they will increase rates for all BMW cars. Here it is the same situation. If they notice that these types of buildings have more of a tendency for claims, then it will have an impact on the whole market.\u201d
\nMichael Rafter, the executive vice president of general insurance at Oman Insurance Company, which insured the Torch Tower, said that given the quantum of loss faced from the Address Downtown fire, \u201cit may impact property insurance premiums\u201d.He said: \u201cBut this would be specific to buildings with combustible cladding only, and it is not possible to predict how much [premiums will rise].\u201dMr Rafter said that Oman Insurance Company had learnt from the Torch Tower fire that even a minimal amount of combustible material could lead to devastation. \u201cIt has made us more cautious in our approach towards insuring buildings that utilise any kind of flammable cladding.\u201d
\nGarry Taylor, the Mena managing director of the specialist broker Bowring Marsh, believes that the impact of The Address Downtown fire on the market for building premiums will not be significant.\u201cIn our opinion, a single loss incident represents a very small percentage of the market and only a dramatic shift in market capacity would shift premiums,\u201d Mr Taylor said. Alison Fenech, head of general insurance at Dubai-based Nexus Insurance Brokers, agreed, stating that premiums did not rise after other Dubai fires last year.
\n\u201cWe have seen more of an increase in awareness than premiums,\u201d she said.Ms Fenech said that although individual insurers may increase rates if they own more than one building, the market as a whole is not likely to be subject to rate rises as a result of this incident in isolation. She added that the frequency of fires was more important than a single, high-profile event. \u201cIf you have 10 fire incidents in a year amounting to Dh20 million, it is more likely to increase premiums than one incident in a year amounting to Dh25m,\u201d said Ms Fenech.
\nSam Thakker, managing director of Earnest Insurance Brokers, said that although there may be a few \u201cknee-jerk reactions\u201d from insurers looking to capitalise on the incident, the fact that it happened so late in the year meant that across-the-board premium increases were unlikely as most insurers had already set rates for 2016.mfahy@thenational.aeFollow The National\u2019s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Insurance premiums in focus after The Address Downtown Dubai fire<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Insurers are set to review building premiums after the New Year\u2019s Eve blaze at...<\/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-809","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-d3","jetpack-related-posts":[{"id":5416,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uae-property-insurance-premiums-to-soften-despite-blazes\/","url_meta":{"origin":809,"position":0},"title":"UAE property insurance premiums to soften despite blazes","date":"February 23, 2016","format":false,"excerpt":"\r \r Property 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\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":809,"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":42689,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/car-insurance-premiums-at-highest-level-ever-say-insurers\/","url_meta":{"origin":809,"position":2},"title":"Car insurance premiums at highest level ever, say insurers","date":"February 3, 2017","format":false,"excerpt":"\r Association blames whiplash claims, repair bills and rise in insurance premium tax for rise at more than five times rate of inflationCar insurance premiums have hit their highest recorded levels ever and rose at more than five times the rate of inflation during 2016, according to the Association of\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":809,"position":3},"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. R M, a Kuwaiti who had lived in one\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3123,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/health-premiums-shorten-attacks-coalition-as-insurers-defend-increase\/","url_meta":{"origin":809,"position":4},"title":"Health premiums: Shorten attacks Coalition as insurers defend increase","date":"January 30, 2016","format":false,"excerpt":"\r Private Healthcare Australia, which represents the insurance industry, says companies are working hard to keep charges as low as possibleThe opposition leader, Bill Shorten, has criticised the Coalition for overseeing increases in health premiums as the Health Minister, Sussan Ley, says she is stepping in to demand insurers justify\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":170502,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/nicola-willis-unlikely-to-get-in-the-way-of-insurers-hiking-premiums-with-new-review-jenee-tibshraeny\/","url_meta":{"origin":809,"position":5},"title":"Nicola Willis unlikely to get in the way of insurers hiking premiums with new review – Jen\u00e9e Tibshraeny","date":"February 5, 2026","format":false,"excerpt":"\r OPINION: Homeowners unlikely to see savings from new insurance review.\r \r Source : nzherald.co.nz\/Property\r Read more...Nicola Willis unlikely to get in the way of insurers hiking premiums with new review - Jen\u00e9e Tibshraeny","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\/809"}],"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=809"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/809\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=809"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}