Why most residents in UAE are not insured

Dubai: Life insurance is said to be the cornerstone of good money management because it helps people prepare for life’s uncertainties. If the sole breadwinner in the family dies or suddenly becomes incapacitated to work, for instance, the dependents can rest assured that their needs will be taken care of.

Apparently, the wisdom of insurance protection has fallen on deaf ears, with around one in three (32 per cent) UAE residents, the highest globally, admitting that they have not bought an insurance policy at all. The reason they have not done so is that they expect someone else to arrange it for them.

This is one of the findings of an HSBC survey conducted between October and November 2015 among 1,000 residents in the UAE. The research seeks to gain some insights into how consumers are financially protecting themselves and those closest to them.

The study suggests that the UAE has one of the highest uninsured population in the world, and that the actual number of people who don’t carry a life insurance at all represents more than just 32 per cent of the population.

Source