The insurance sector is one of the most important economic sectors in the United Arab Emirates, as it plays a vital role in achieving economic stability and protecting property and individuals from potential risks. Despite the importance of the sector, it has witnessed widespread controversy in the recent period, as a set of issues and challenges related to insurance in the Emirates are raised.

Common types of insurance in the UAE

The insurance sector in the UAE varies to include different types of insurance, which are:

  1. Car insurance: This type is one of the most common types of insurance in the UAE, as it is mandatory by law. This insurance provides coverage for damage to the car and others in the event of an accident.
  2. Health insurance: This sector has witnessed significant growth in recent years, especially after the issuance of new laws requiring employers to provide health insurance for their employees. Health insurance covers the costs of medical care and hospitals.
  3. Property insurance: This type of insurance provides protection for buildings and personal and commercial property from risks such as fire, theft and natural disasters.
  4. Life insurance: This insurance provides financial protection for the insured’s family in the event of death or disability. It is especially important for dependents and business owners.
  5. Professional insurance: This type of insurance covers the professional liability of individuals and companies, such as insurance for lawyers, doctors and engineers.
  6. Other insurance: In addition to the above, there are other types of insurance such as travel insurance, accident insurance and agricultural crop insurance.

The diversity of the insurance portfolio is a key feature of the insurance sector in the UAE, as it meets the needs of different economic sectors and population segments.

The most common cases filed against insurance companies in the UAE

  1. Health insurance cases:
    • Refusal to cover treatment costs
    • Delay in paying treatment compensation
    • Disputes over the value of compensation.
  1. Vehicle insurance cases:
    • Refusal to pay accident compensation.
    • Delay in paying accident compensation.
    • Disputes over the value of compensation.
  1. Life insurance cases:
    • Refusal to pay the insurance amount
    • Delay in paying the insurance amount
    • Disputes over the eligibility of the beneficiary
  1. Property insurance cases:
    • Refusal to pay theft or fire compensation
    • Delay in paying theft or fire compensation
    • Disputes over the value of compensation.

These cases show a discrepancy in the understanding and implementation of the terms of the insurance policy between the insured and the insurance company, which often leads to legal disputes that may take a long time to resolve The insurance sector in the UAE requires continuous attention and ensuring the protection of the rights of the insured and beneficiaries. The law in the UAE requires the insured to have a valid insurance policy, and that the insurance terms are clear and enforceable. However, the diversity of insurance documents and laws can make understanding and application very difficult.

Elements of Insurance

The elements of insurance in the UAE consist of insured individuals and insurance companies. The basic elements included in insurance contracts include:

  • The insured: The insured includes the individuals who purchase the insurance policy and pay the agreed premium. The insured is the person who benefits from the insurance and can file a compensation claim in the event of the occurrence of the risks covered by the insurance.
  • The insurance company: The insurance company is responsible for providing protection and compensation to the insured according to the terms of the insurance policy. The insurance company collects the financial premiums from the insured and provides compensation in the event of the occurrence of risks covered by the insurance.
  • The insurance policy: is a contract between the insurance company and the insured, obligating the insurance company to pay compensation to the insured in the event of an accident previously insured in the policy, in return for the insured paying periodic insurance premiums.

Types of insurance policies

Insurance policies vary to cover different aspects of life, the most famous of which are:

  • Vehicle insurance policy: covers the costs of repairing or compensating the vehicle in the event of an accident.
  • Travel insurance policy: covers the costs of treatment, accommodation and return home in the event of any emergency during travel.
  • Health insurance policy: covers the costs of medical treatment, medications and surgeries.
  • Life insurance policy: provides a sum of money to beneficiaries upon the death of the insured.
  • Property insurance policy: covers the costs of repairing or compensating property in the event of an accident such as theft or fire.

Importance of the insurance policy

The insurance policy provides many benefits to the insured, including:

  • Security and reassurance: The insurance policy provides a sense of security and reassurance to the insured, as it compensates him for the financial losses he may incur in the event of an insured accident.
  • Protection from risks: The insurance policy helps protect the insured from financial risks that may threaten his financial stability.
  • Providing medical expenses: Health insurance policies cover the costs of medical treatment, medications and surgeries, which reduces the financial burden on the insured.
  • Ensuring the family’s future: Life insurance policies provide a financial amount to beneficiaries upon the death of the insured, which helps secure their financial future

These elements are intertwined in the insurance process, where the insured makes regular financial payments to the insurance company in exchange for the protection provided by the insurance. In the event of events covered by the insurance policy, the insurance company pays the appropriate compensation to the insured.

Our office has extensive experience in dealing with insurance-related issues in the UAE. We are committed to providing legal support to the insured and beneficiaries to ensure that they obtain their rights in line with local laws and regulations We may provide legal advice at various stages of the process, starting from consulting on the insurance policy and insurance to potential disputes. We work hard to ensure that our clients’ interests are represented effectively and positive results are achieved , It is important to be aware of the importance of legal advice in insurance cases, especially in light of the complexities of the laws and regulations governing this sector. There may be specific time limits for filing claims and providing legal advice early can help protect your rights.

Insurance cases in the UAE require comprehensive legal solutions and effective settlement methods that balance the interests of the insured and the insurance companies. Specialized legal advice is essential to ensure the protection of the rights of the insured and the beneficiaries, so do not hesitate to contact our office as we have a team of lawyers who are among the most famous lawyers in the United Arab Emirates, a team with more than 25 years of experience in achieving success in insurance cases at a rate exceeding 95%.