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A report by U.S.-based insurance brokerage firm Marsh has said that property insurance premiums could decline in the United Arab Emirates in 2016 due to excess capacity in the market, reports The National.
Marsh expects rates to fall between 10% and 20% despite several high-rise fires recently, "as these buildings are not excluded by reinsurance treaties," said the report.
Marsh said that some insurers believe the recent losses could result in requests for "more detailed underwriting submissions and being more vigilant on risk-management practice."