Al Qudra is one of the areas affected by flooding in Dubai. Chris Whiteoak / The National
Al Qudra is one of the areas affected by flooding in Dubai. Chris Whiteoak / The National
Al Qudra is one of the areas affected by flooding in Dubai. Chris Whiteoak / The National
Al Qudra is one of the areas affected by flooding in Dubai. Chris Whiteoak / The National

Dubai floods should serve as home insurance wake-up call, experts say


John Dennehy
  • English
  • Arabic

UAE weather live: Emirates hit by severe storms

Dubai’s severe floods should remind people of the importance of taking out home insurance, industry experts said.

The number of people in the UAE with the cover is “shockingly low”, with less than 15 per cent of UAE residents with home insurance, they say.

It is the trend across the Middle East. Inquiries about it only come during extreme weather events or fires.

But the cover could be a useful protection against the devastating floods across Dubai during the week.

“Take-up rates for home insurance are still shockingly low and we only seem to see an influx of enquiries whenever there is heavy rainfall, or news of a fire in an apartment block,” Andrea McNulty, head of product development at finance comparison site Yallacompare, told The National.

“Today there’ll be people facing the prospect of having to replace furniture, pay for alternative accommodation, replace food in a fridge/freezer that’s no longer running. A lot of the insurance policies will pay out in all of these instances.”

Home insurance typically can protect your property from risks including natural disasters, floods, theft and fire. People can take out cover to protect the building and also the contents.

Ms McNulty said there was “nowhere near enough” people with this type of cover, with less than 15 per cent of consumers in the UAE having a home insurance policy in place. In the UK, about 25 per cent of homes do not have any form of home insurance.

“It's one of those things that people will ‘eventually get around to’ but never end up purchasing,” she noted, stating calls to the company surged by 45 per cent since Tuesday and this was expected to continue into the weekend.

“A decent home insurance policy can cost from as little as Dh1 per day. Compared to the alternative of having to replace everything yourself if you don't have insurance, it's really a bargain. While home insurance might not fully undo the damage caused, it does provide a sense of security amid all the uncertainty.”

The aftermath

A major clean-up operation is now under way across Dubai, but evidence of the storms was still apparent across the country on Thursday, with some roads waterlogged, cars abandoned and homes under water.

The scale of the damage is still hard to assess. Ms McNulty pointed to Cyclone Gonu in 2007 that swept through the region. “That damage was estimated at over $4.2 billion,” she said.

Anthony Cerchiai, head of general insurance at Nexus Insurance, told The National it was too early to assess the scale of the cost but it could run into billions of dirhams.

“The best cure is prevention,” said Mr Cerchiai, also stating that home insurance was low in the UAE. “All the Middle East is underinsured as it is seen here mostly in terms of mandatory cover such as medical. It has not been popular."

Mr Cerchiai said calls to Nexus surged 10-fold since Tuesday and he urged people to also consider travel insurance as they would be in line to get compensation should problems arise. “Insurance is the proper way to do it,” he said.

Ms McNulty said insurance companies will be working “non-stop” to process claims and those affected should contact their company as soon as possible.

“Some insurers will have set time frames to notify them. This can be as low as 48 hours from when the loss occurred,” he said.

“Take lots of photographs of any damaged property. Don’t try to move a waterlogged vehicle yourself, you risk causing more damage."

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Native Invader
Decca

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Tank warfare

Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks. 

“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.

“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”

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Armies of Sand

By Kenneth Pollack (Oxford University Press)
 

Going grey? A stylist's advice

If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”

UPI facts

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Install an air filter in your home.

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If driving, turn your engine off when stationary.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Afghanistan fixtures
  • v Australia, today
  • v Sri Lanka, Tuesday
  • v New Zealand, Saturday,
  • v South Africa, June 15
  • v England, June 18
  • v India, June 22
  • v Bangladesh, June 24
  • v Pakistan, June 29
  • v West Indies, July 4
ESSENTIALS

The flights 

Etihad (etihad.com) flies from Abu Dhabi to Mykonos, with a flight change to its partner airline Olympic Air in Athens. Return flights cost from Dh4,105 per person, including taxes. 

Where to stay 

The modern-art-filled Ambassador hotel (myconianambassador.gr) is 15 minutes outside Mykonos Town on a hillside 500 metres from the Platis Gialos Beach, with a bus into town every 30 minutes (a taxi costs €15 [Dh66]). The Nammos and Scorpios beach clubs are a 10- to 20-minute walk (or water-taxi ride) away. All 70 rooms have a large balcony, many with a Jacuzzi, and of the 15 suites, five have a plunge pool. There’s also a private eight-bedroom villa. Double rooms cost from €240 (Dh1,063) including breakfast, out of season, and from €595 (Dh2,636) in July/August.

Updated: April 19, 2024, 5:52 AM