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Fri 5 Jun 2020 09:36 AM

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Amid pandemic, life insurance becomes priority for UAE residents

Nearly half of UAE residents are more concerned with life insurance than they were before the Covid-19 pandemic

Amid pandemic, life insurance becomes priority for UAE residents

Life insurance has become a top priority for near half of UAE residents in the wake of the Covid-19 pandemic, according to a new YouGov survey commissioned by Zurich International Life Limited.

According to the survey results, 46 percent of UAE residents have indicated that life insurance is more important to them than before the pandemic – placing it four times higher than travel insurance and 3.5 times higher than property insurance, home finance and car loans.

The survey also revealed that a similar number of individuals – 51 percent - identified savings as a key priority. Retirement planning – which was highlighted by 32 percent of respondents – became more significant with their age.

“The unprecedented nature of Covid-19 with the rising rate of infections and the increasing death toll across the globe has altered the mindset of individuals,” said Walter Jopp, CEO of Zurich in the Middle East.

“The previous misconceptions of ‘it won’t happen to me’ has been set straight and people are now coming to terms with the fact that the unexpected does happen and it can happen to anyone and everyone,” he added.

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