The residents and businesses of the United Arab Emirates have begun filing for their insurance claims following torrential rains, which caused devastation in the northern and eastern parts of the country last week.
Industry executives hope most of the individual insurance claims will be linked to vehicles as hundreds of these were destroyed, damaged and swept away due to flash floods, and total claims are huge.
This year, the UAE has recorded the highest rainfall in the past 27 years last week, which caused floods in different regions of Sharjah, Fujairah and Ras Al Khaimah. A total of seven people have also lost their lives, including five Pakistani nationals, and several were displaced.
The chief operating officer of Al Wathba National Insurance Co. (AWNIC), Anas Mistareehi, stated that claims notifications have begun flowing to the insurance companies who had their cars insured against risks, particularly from the Northern Emirates, where the rain showers were severely heavy.
Mistareehi stated that the claims department began to be notified by the corporates having operations in several sectors, including projects, properties, heavy equipment etc.
He added that when it comes to individual claims flow, it is expected that it will be related to motor insurance, particularly as the homeowners insurance policy count is too low in the Northern Emirates as compared to others.
The officials of the insurance industry say that only complete motor policies cover the damages incurred due to rain.
The chief marketing officer at insurancemarket.ae, Hitesh Motwani states that insurance firms started getting claims because of the rains.
He said that the volumes of water damage claims are rising. They have a few more clients who informed them of the damage and are waiting to officially sort it out with the authorities to submit the claims.
A committee has also been formed to assess the overall damages and losses incurred due to heavy rain showers around the country. They have been asked to submit a detailed report of the damages.