Insurance Before and After Covid
As a matter of fact, the UAE leads the insurance industry in the GCC region with the highest turnouts. The Compound Annual Growth Rate (CAGR) in the UAE is growing steadily for a decade. This trend will continue for another 5 years with the same momentum for sure – as per the study firm Mordor Intelligence.
The detailed report on the insurance sector this year (2021) is having happy report for the business sector. As a business, insurance has been performing stable before, during, and after high time covid-19. Also, almost all leading insurers recorded steady growth and the report is based on inputs from these firms.
A reply from Zurich Insurance on the issue says that there are new inventions happened in the sector. Working from home, working safely, restructuring job profiles, etc. made many impacts in it. The support of insurance regulators in the country was helpful as well. It helped almost all the sectors – General Insurance, Vehicle Insurance, Health Insurance, and more with SME Business Insurance.
Insurance – Before and After Covid
The leading insurer in the country – Noor Takaful took some initiatives during Covid. As a goodwill gesture, they gave extra coverage to the Health workers, ambulance drivers, frontline Covid workers to cover death due to Covid. This was complementary from their side along with normal health insurance. The company works on a caption that reads – ethical insurance.
As per the answers from Tokio Marine Insurance, the above changes and gestures were a need of the hour and a part of the giving and take policy. The industry remained smooth and uninterrupted during Covid and was stronger due to business policies adapted.
During the Covid times, UAE witnessed a new insured item as well – the Drones. The Artificial Intelligence and technology sector is growing at a good pace. Adding more products to the insured list is a need of the hour. The drone was added during Covid times and only a few companies are in the field of insuring Drone Technology now but are having a further growth prospect.