DUBAI // Only six per cent of UAE residents have home insurance cover compared to 76 per cent in the UK, according to a YouGov survey commissioned by an insurance company.
The survey found that 27 per cent of respondents said blazes like The Torch and the fire in 2012 at Tamweel Tower in Dubai had encouraged them to consider purchasing home contents cover.
“Over time, you accumulate thousands of dirhams worth of items – furniture, jewellery and the value of your content increases,” said Zahir Sharif, UAE manager of insurer Zurich, which commissioned the study.
“Not everyone understands the value of their contents. If they are insured, they will be paid back, depending on what their insurance is, for the value of their content.”
But the majority of residents do not follow up their concerns by taking out insurance.
The big difference between the UAE and the UK is people’s perception of insurance, Mr Sharif said.
“A lot of them feel Dubai is a safe place and they’re not here for long, or they buy furniture from Ikea, so they don’t think about how important insurance is, or the risk of theft is low. They think, why spend money on home insurance when they could spend it on something else when, in fact, insurance is as little as Dh1 a day and the cost in this market is relatively inexpensive,” he said.
Melanie Euverte, a 30-year-old French resident who lived on the 50th floor of The Torch had no insurance.
“Everything in the living room was burnt and there was water everywhere,” she said. “It was a pool when I walked in. It’s terrible.”
Although her employer has rented a hotel room for her for a month and bought her a new laptop, she has lost valuables.
“All my furniture is gone,” Ms Euverte said. “I had an amazing bookcase and there is nothing left. I only managed to save a few clothes which I have put in storage.”
She said she would contact her credit card insurance to find out whether or not she could be compensated on any of her most recently purchased items.
“I’ve taken pictures so let’s see,” she said. “In Dubai, it’s not like in France, we just don’t think about it. My sad example should serve as a lesson to everyone because it has really served as one for me.”
Almost half the survey’s respondents identified fire as the biggest threat to their homes, followed by electrical faults at 16 per cent, theft at 11 per cent and building faults and flooding at 10 per cent each.
“In Dubai, a lot of expatriates don’t have home contents insurance,” said Zoe Turner, an independent financial adviser for insurance company Global Eye. “In the UK, it’s pretty much unheard of. Almost everyone would have buildings and contents insurance put in place.”
She said the reason could be due to the transitory life most expatriates have in the UAE.
“They don’t tend to be here for long periods at a time so maybe they just don’t place value on possessions as much,” she said.
“People maybe don’t view it as their forever home but it’s something that needs to be highlighted a lot more in the UAE. Emotionally, fires already have an impact on you but at least insurance can release the financial burden.”
Ms Turner said insurance could cost as little as Dh1,000 a year for a villa.
“In apartment blocks, the risk of things like this happening is so much higher because you’re relying on other people to follow safety regulations,” she said. “People are going to be careless and I’m surprised this doesn’t happen more often.”
Mr Sharif said there tends to be a dramatic surge in home insurance after fires.
“The same is happening now but it’s a challenge because it’s not consistent,” he said. “It takes an incident for people to realise but there needs to be consistent understanding of what insurance is and what it does.”
cmalek@thenational.ae
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
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AT A GLANCE
Windfall
An “energy profits levy” to raise about £5 billion in a year. The temporary one-off tax will hit oil and gas firms by 25 per cent on extraordinary profits. An 80 per cent investment allowance should calm Conservative nerves that the move will dent North Sea firms’ investment to save them 91p for every £1 they spend.
A universal grant
Energy bills discount, which was effectively a £200 loan, has doubled to a £400 discount on bills for all households from October that will not need to be paid back.
Targeted measures
More than eight million of the lowest income households will receive a £650 one-off payment. It will apply to households on Universal Credit, Tax Credits, Pension Credit and legacy benefits.
Separate one-off payments of £300 will go to pensioners and £150 for those receiving disability benefits.
Bookshops: A Reader's History by Jorge Carrión (translated from the Spanish by Peter Bush),
Biblioasis
The biog
Name: Fareed Lafta
Age: 40
From: Baghdad, Iraq
Mission: Promote world peace
Favourite poet: Al Mutanabbi
Role models: His parents
ROUTE TO TITLE
Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2
The past Palme d'Or winners
2018 Shoplifters, Hirokazu Kore-eda
2017 The Square, Ruben Ostlund
2016 I, Daniel Blake, Ken Loach
2015 Dheepan, Jacques Audiard
2014 Winter Sleep (Kış Uykusu), Nuri Bilge Ceylan
2013 Blue is the Warmest Colour (La Vie d'Adèle: Chapitres 1 et 2), Abdellatif Kechiche, Adele Exarchopoulos and Lea Seydoux
2012 Amour, Michael Haneke
2011 The Tree of Life, Terrence Malick
2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul
2009 The White Ribbon (Eine deutsche Kindergeschichte), Michael Haneke
2008 The Class (Entre les murs), Laurent Cantet
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
The specs
Engine: 6.2-litre V8
Transmission: ten-speed
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Torque: 624Nm
Price: Dh325,125
On sale: Now
US federal gun reform since Sandy Hook
- April 17, 2013: A bipartisan-drafted bill to expand background checks and ban assault weapons fails in the Senate.
- July 2015: Bill to require background checks for all gun sales is introduced in House of Representatives. It is not brought to a vote.
- June 12, 2016: Orlando shooting. Barack Obama calls on Congress to renew law prohibiting sale of assault-style weapons and high-capacity magazines.
- October 1, 2017: Las Vegas shooting. US lawmakers call for banning bump-fire stocks, and some renew call for assault weapons ban.
- February 14, 2018: Seventeen pupils are killed and 17 are wounded during a mass shooting in Parkland, Florida.
- December 18, 2018: Donald Trump announces a ban on bump-fire stocks.
- August 2019: US House passes law expanding background checks. It is not brought to a vote in the Senate.
- April 11, 2022: Joe Biden announces measures to crack down on hard-to-trace 'ghost guns'.
- May 24, 2022: Nineteen children and two teachers are killed at an elementary school in Uvalde, Texas.
- June 25, 2022: Joe Biden signs into law the first federal gun-control bill in decades.
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
Company profile
Name: JustClean
Based: Dubai with offices in other GCC countries
Launch year: 2016
Number of employees: 160+ with 21 nationalities in eight cities
Sector: online laundry and cleaning services
Funding: $30m from Kuwait-based Faith Capital Holding and Gulf Investment Corporation
The specs
Engine: 4.4-litre, twin-turbo V8
Transmission: eight-speed auto
Power: 617hp
Torque: 750Nm
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On sale: now
The specs
Engine: 4.0-litre twin-turbo V8
Power: 640hp at 6,000rpm
Torque: 850Nm from 2,300-4,500rpm
Transmission: 8-speed auto
Fuel consumption: 11.9L/100km
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Courses at Istituto Marangoni, Dubai
Undergraduate courses
Interior Design; Product Design; Visual Design; Fashion Design & Accessories; Fashion Styling & Creative Direction; Fashion Business; Foundation in Fashion; Foundation in Design
Professional courses
Fashion e-Commerce & Digital Marketing; Fashion Entrepreneurship; Fashion Luxury Retail and Visual Merchandising
Short courses
Fashion design; Fashion Image & Styling; Fashion Trend Forecasting; Interior Design; Digital Art in Fashion
More information is at www.istitutomarangoni.com
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now