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Sun 10 Jan 2016 10:24 AM

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Demand for home insurance soars in wake of Dubai NYE fire

2015 survey found that more than 61% of residents do not have home insurance

Demand for home insurance soars in wake of Dubai NYE fire
(Getty Images)

Demand for home insurance in Dubai has tripled since the fire at The Address Downtown Dubai on New Year’s Eve.

MoveSouq.com, an online portal for home services in the UAE, reported three times as many requests for home insurance in the first week of 2016 compared to its weekly average of requests.

While demand for household services, including home insurance, typically increases at the start of each year, the fire has led to a significant increase in demand, according to Bana Shomali, CEO of MoveSouq.com.

“UAE residents often return from holidays abroad with resolutions to fix and protect things around the house… but this year, the jump in volume is exceptional,” she said.

“This incident (fire at Address Hotel in Downtown Dubai) caused many UAE residents to look at their own homes and ask themselves, ‘am I protected?’” she added.

Home insurance adoption rates in Dubai remain low. In a 2015 poll of Dubai residents, MoveSouq.com found that more than 61 percent of Dubai residents do not have home insurance. The same survey revealed that 66 percent of homeowners had insurance in place to cover their home and contents, while only 25 percent of renters had taken out home insurance coverage.

“This mindset is changing as renters and homeowners alike start to realise that home insurance provides critical protection from a risk that is becoming increasingly visible in Dubai,” Shomali said.

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