UAE regulator willing to work on providing fire insurance for buildings
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Ibrahim Obaid Al Zaabi, director general of U.A.E.'s Insurance Authority, said that the regulator is ready to work with all stakeholders to reach an agreement for providing fire insurance to residential and commercial buildings owners, Middle East Insurance Review reported. The move comes after some insurers have grown wary of covering warehouses, especially in the industrial areas, where there has been a deterioration in security and safety standards. "The real problem is not the acceptance of national or foreign insurers of risks presented to them, but the difficulty of reinsuring these risks at a later stage with global reinsurers," Mr. Al Zaabi said. Reinsurers have tightened their conditions and prices for buildings that contain flammable materials.
