Emirates Insurance explains the reasons for the increase in insurance prices and the refusal of subscriptions

rawda samy - | UAE

The Emirates Insurance Company explained the reasons for the increase in insurance prices and the refusal of subscriptions from some during the coming period, especially starting from 2024.

An explanation is provided by Emirates Insurance regarding the reasons behind the increase in insurance premiums and the refusal of subscriptions.

An explanation was provided by Emirates Insurance Company regarding the reasons behind the increase in insurance premiums and the refusal of subscriptions from certain individuals throughout the upcoming time, particularly beginning in the year 2024.

«Emirates Insurance»: The tightening of reinsurance companies is likely to cause prices to rise

"Emirates Insurance": The process of reinsurance companies tightening their policies is anticipated to result in an increase in pricing, In recent years, the severity of natural catastrophes has been on the rise, which has had a negative impact on insurance markets all over the world and in the regions where they are located. Khaled Al Badi, the President of the Emirates Insurance Association, stated that the insurance sector in the region is confronted with four fundamental difficulties. These challenges include climate change, natural disasters, high inflation rates, and other factors. When it comes to geopolitical tensions, there is an immediate need to expand insurance coverage. He pointed out that these challenges make it difficult to renew agreements with reinsurance companies for the following year, which would also result in an increase in prices. However, he also mentioned that there is the possibility of turning challenges into real opportunities, provided that cooperation and the sharing of experiences are possible. Increase your level of investment.

Reasons for increasing insurance prices during the coming period

Causes that will lead to an increase in insurance premiums throughout the upcoming time period, Al-Badi explained that the growing severity and intensity of natural disasters in recent years has cast a shadow on the global and regional insurance markets. He also pointed out that in response to the increase in the number of these disasters, reinsurance companies are steadily becoming more rigid and stringent. This necessitates that primary insurance companies reevaluate their strategies and design prevention solutions based on the most recent generation of technology, techniques, and data. He also mentioned that the issue of the tightening of the reinsurance market imposes itself strongly on the course of the conference, indicating that the issue of tightening in renewing reinsurance agreements in light of the current circumstances comes at the top of the challenges that insurance companies will face. There are strong indicators available that renewal prices for the year 2024 will take an upward trend, particularly in some insurance activities. The major repatriation companies attribute this upward trend to the continued state of geopolitical uncertainty as well as the increase in the frequency and severity of disaster losses. All of these factors are expected to have a significant impact on the conference. As a result, the negotiations surrounding the renewal of repatriation agreements will not be simple for the following year. According to him, insurance businesses in the United Arab Emirates and the Middle East area in general would not be exempt from the developments and problems that are occurring presently. Al Badi said that in recent years, the world in particular has witnessed an increase in the number of disasters, explaining in this regard that “catastrophic patterns have differed significantly, as we have witnessed, for example, but not limited to Sweeping floods in countries that rarely witnessed rainfall, while climate change became violent, including huge fires, sweeping floods, and other natural factors, which affected insurance and reinsurance companies and caused them huge losses, while reinsurance companies in particular moved to reconsider their Pricing policies and risk calculations.

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