She confirmed that it reflects insurance awareness among dealers

Companies: "Corona" raises the demand for "life insurance" in the region

• The life insurance sector includes coverage for chronic diseases, partial and total disability, as well as savings and study expenses programs.

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Insurance companies confirmed that the new Corona virus (Covid 19) pandemic increased the demand for "life insurance" products, during the year 2020 in the region, compared to the previous year, similar to the various world markets, indicating that this reflects insurance awareness among dealers of the importance of these products. .

They added, to "Emirates Today", that the pandemic has prompted more people to reconsider these products, in light of the current circumstances, pointing out that the dealers who buy these products seek to protect their families in the first place.

«Life insurance»

In detail, the general manager of the Dubai National Insurance and Reinsurance Company, Ramez AbuZayd, said that the demand for life insurance products witnessed an increase during 2020, compared to the previous year, indicating that the life insurance sector is not related to deaths only, but extends to cover coverage. Chronic diseases, partial and total disability, as well as savings programs, study expenses, and other benefits that can be agreed upon with the insurance company.

He added that, in light of the "Covid-19" pandemic, there was a state of anxiety among people who came to buy these products, especially with regard to the future of their families, indicating that this led to an increase in the demand for "life insurance" in 2020.

He emphasized that the demand for these products was from the financially stable social strata, which possesses a certain level of income that allows them to direct part of it towards paying insurance premiums, pointing out that the sense of the importance of insurance is increasing in general, as a large segment of society in the region looks to products Insurance is generally considered a necessity.

He said that the insurance sector is an influential and supportive factor for the economy and its sustainability in the markets.

A noticeable increase

In turn, the CEO of Dubai Islamic Insurance and Reinsurance (Aman), Jihad Vitrouni, said that the year 2020 witnessed a remarkable increase in the purchase of life insurance products in the regional and global markets as well.

He added that the demand for these products came in light of fear among the world's population in general, due to the pandemic, especially in light of the absence of a treatment for the epidemic, and the delay in the emergence of vaccines, pointing out that the dealers who accept to buy are seeking to protect their families in the first place, in light of the absence Certainty due to the pandemic.

Vitroni estimated the growth in demand to purchase these products by 15% on average, globally and in the region, pointing out that the pandemic has prompted more people to reconsider these products under the current circumstances.

He said that the demand reflects the insurance awareness of dealers on these products, indicating that the bulk of dealers are looking for a minimum level of protection when they subscribe to these products, in light of the current circumstances around the world.

Vitrouni stated that the levels of demand vary from one segment to another due to several considerations, stressing that family solidarity products that are compliant with the provisions of Islamic law are an option for a large segment of the region’s population, as opposed to traditional life insurance products.

The role of the pandemic

In a related context, George Al-Ashqar, General Manager of "Getaway International Assurance" (insurance agents), agreed that there has been an increase in the levels of demand for life insurance products during the past year, pointing out that the demand comes from companies that resort to providing insurance for their employees, as well. For individuals who want to plan for their future.

Al-Ashqar said that the pandemic encouraged individuals to buy these products over the past few months.

He explained that the most prominent demand is the life insurance program, which is a future investment insurance product that provides compensation in the event of death, noting that the prices and costs of the programs vary according to several factors in terms of the nature of compensation, the insured person, and other factors.

Usual level

The CEO of the "Orient Insurance Company", Omar Al-Amin, said that the demand for life insurance products, during the year 2020, reached about 12%, compared to the year 2019, pointing out that this growth is within the usual levels, which are recorded every year in This sector.

The demand for these products was from the financially stable social strata.

Estimates of a 15% growth in product demand globally and in the region.

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