COVID lifts life insurance business in the UAE

COVID lifts life insurance business in the UAE

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 with greater access to information and insurance solutions,” he added.

Zurich International Life Limited is a part of Zurich Insurance Group and was established in the Isle of Man, which is licensed by the Isle of Man Financial Services Authority with established and registered branches in the UAE licensed by the Central Bank of the UAE.

In the UAE, it is registered under UAE Federal Law Number 6