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UAE Residents Place Low Premium On Life Cover
Not many think in terms of life insurance as investment as well as a reassurance for loved ones and businesses 
By Cleofe Maceda, Staff Reporte, Gulf News

When asked whether he has plans to take out life insurance, Ahmad laughed. "Why would I get one when I won't be able to benefit from it? I'll have to die first before the insurance claim is released." 

The married expat who has no children but whose wife is financially dependent, quickly pointed out that he is better off investing his money somewhere else.


Some people don't see the value in life insurance because they think they don't need the death benefit. In the GCC, where many expatriates have no state pension or assured income after retirement, only a few people invest in life insurance plans.

 

Quoting Swiss Re's latest Sigma report, Phil Ashkuri, UAE head of insurance for HSBC Middle East, said the region has extremely low insurance penetration rates compared to more developed economies. Each GCC state spends under three per cent of per capita GDP on insurance premiums in total, and around 90 per cent of these premiums go to non-life products.

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