A year ago, one of the most impactful and unforgettable weather events occurred in the United Arab Emirates (UAE): unprecedented rainfall that halted the entire nation. Rivers formed in streets, vehicles became water-logged, and hundreds of thousands of people found themselves in desperate situations.
Afterwards, however, a stunning blend of solidarity and organization was witnessed. The nation was back on its feet within days thanks to rapid decisions from leadership and the determination of citizens.
Even though the unprecedented floods were a challenge for the UAE in terms of natural disasters, they also shifted the global view for the insurance industry. While the National floods posed immense challenges for the country, they also radically changes the perspective of the insurace sector and presented new challenges which caused even faster adaption and understanding towards it.
There’s is an emereging zest among the insurers and it can be seen from the recent stats over 100,000 motor claims were submitted in the span of few days.
“Those were one of the most surprising and unparalleled natural catastrophes in the UAE’s history. We project the entire industry received over 100,000 claims spanning the motor, property, and commercial domains,” said eSanad’s CEO Anas Mistareehi.
Floods have also affected the automotive industry as insurers value insured damages to have suffered more than Dh4 billion. The estimation entails a considerable span relating to vehicles which were either submerged, stalled, or completely written off due to floodwater.
Marking a year since the floods imposed damages, we know that this remains alive in memories of the affected. The UAE had shown remarkable ability to adapt to the sudden changes in weather by strengthening recovery measures alongside improving future preparedness aligning to supporting policies while improving the encouraged climate to adapt to change along the lines of trying to do so for the rest of the world.
