Pocketful of Dirhams: How much insurance do we really need?

While some protection is compulsory in the UAE, other forms of insurance are optional

Protecting yourself, your family and your personal belongings with insurance should be part of a comprehensive financial plan. But many residents in the UAE don’t bother to take out protection with some paying the price for having no cover further down the line.

While some insurance cover is mandatory in the Emirates, such as car and health insurance, other protection is optional such as travel, home contents and life insurance.

According to a 2018 survey from financial comparison website yallacompare, only 11 per cent of UAE consumers are subscribed to a home contents insurance policy and almost two thirds of UAE residents do not take out travel insurance before an international holiday.

So what insurance should we actually have in place? How much should we expect to pay to protect ourselves and our possessions? And what cover do we need to protect us during the coronavirus outbreak?

Host Alice Haine, the personal finance editor of The National is joined by Willy Lowry, a multimedia producer at The National who admits to knowing very little about insurance. She is also joined later in the show by Jonathan Rawling, the chief financial officer of yallacompare, who is an expert on the insurance industry.

Take a look at last week's episode for tips on how to become a better saver in the UAE