Islamic Influence on Dubai Insurance - Car and Medical Insurance Companies in Dubai and UAE
Islamic Influence on Dubai Insurance - Car and Medical Insurance Companies in Dubai and UAE
As Dubai has developed into a mega city it has adapted all the aspects of advanced society. However, the belongings of Islamic society still remain intact. Thus, car and medical insurance companies in Dubai and other regions of the UAE are also within the ambit of this religion. Simultaneously Dubai will prefer coming on the world map with an increasing level of emigrant workforce and development of new businesses. The medical and car insurance UAE sector have also got great boost. In the year 2009, medical insurance in UAE especially in Dubai has become mandatory for all the natives of Dubai.
Consequently Dubai insurance sector is on the upswing and as per updated figures it is growing at the rate of 20%. A number of types of policies some of which come in the compulsory category are introduced in Dubai insurance sector. Auto medical insurance companies in Dubai and other parts of the UAE have become a compulsory factor. As far as health is concerned, covering the greater number of workforce has become mandatory for companies in Dubai and other parts of UAE. Additionally, it is also must for all car owners to have complete auto policy. Besides this other classical forms of insurance like life insurance and its mutants are also extensively subscribed by the people in these countries.
Dubai insurance sector has opened its doors to the foreign car and medical insurance companies as well. In due course many foreign companies are entering Dubai. At present, insurance sector in Dubai including car and medical insurance is controlled by a few local players. These local insurance companies in Dubai and in other regions of UAE cover all the portions of insurance and its belongings. Though medical and car insurance UAE companies are on the upswing, yet life insurance is covering on a very lower scale. Major car and medical insurance companies that are operating in UAE are Bahrain based. Some of these major insurance companies are AIG, AXA, Gulf Union, BUPA, HSBC, Allianz, Medic Union and many more and it creates a pretty good competition.
Few more facets of medical and car insurance UAE are not in consonance with international standards and seems to be out of place. For instance, the age limit to cover the insurance eligibility for drivers is below 25 years. Additionally, people who own cars older than 5 to 7 years face difficulties to get comprehensive cover. Moreover, a person who uses their cars off roads will not be entertained with any compensation in situations of mishaps.
One more major facet of Dubai insurance is that a drunk driver can not claim insurance in situations of an accident. In fact, this is the point for almost all car insurance in the UAE and it is entirely forbidden. In addition, the driver has to pay blood money which is AED 200,000 in case the individual dies in a car accident on the road. This is not the condition applied to the insurance companies all over the world.
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