Property insurance rates in UAE likely to rise after major flooding

A report by S&P Global Ratings Inc. said that property insurance rates in the U.A.E. are likely to increase after the recent severe flooding that caused massive disruption and damage across the nation, Zawya reported. The rating agency expects that insurers in the region will receive claims relating to damage to key infrastructure, such as shopping malls. It said that based on early estimates, the storms and flooding had caused substantial damage to commercial and residential properties.