Covid-19 lifts life insurance business in the UAE

Covid-19 lifts life insurance business in the UAE

The insurance industry is currently underserved and offers a myriad of opportunities to expand through awareness-building of insurance benefits, says an industry expert

Mufazzal Kajiji, CEO, Zurich International Life (Middle East), said the recent pandemic created awareness about life insurance as roughly one in every four claims is related to Covid-19. — Supplied photo

Published: Sun 8 Jan 2023, 3:26 PM Last updated: Sun 8 Jan 2023, 3:31 PM

The life insurance business has gained momentum after the Covid-19 pandemic as more people opted to secure insurance coverage to protect themselves from unseen risks, says an industry expert.

Mufazzal Kajiji, CEO, Zurich International Life (Middle East), said the recent pandemic created awareness about life insurance as roughly one in every four claims is related to Covid-19.

“I would also note that the pandemic has drastically altered the benefits claims landscape. Within life insurance, Covid-19 was the second highest cause for life cover claims over the past three years, with roughly one in every four claims is related to Covid-19,” Kajiji told Khaleej Times during an interview.

“In the future, I expect to see a growth in demand for critical illness and life insurance cover due to the growing awareness of health risks and life protection coupled