Best Insurance UAE| North Loop Official Blog
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16 Nov 2020

Best Insurance UAE

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Introduction -

The UAE is home to investors, working professionals, business owners, tourists and travellers from across the globe which has led to a significant increase in the demand for insurance in Dubai and other emirates in the UAE. Most insurance companies offer several services and products to fulfil these insurance needs and safeguard people from unforeseen events in life. Some of these include life insurance, car insurance, health insurance etc. However, choosing an adequate one among them can sometimes get confusing.

That is the reason it becomes imperative to have a good understanding of the schemes provided by all these companies and choose the one that meets most of your preferences and caters to all requirements. Some of the ways by which you can decide about an insurance policy of your choice include considering factors like the Incurred Claims Ratio (ICR). That indicates the financial capabilities of the insurance companies and their ability to pay against the claims. You can also choose amongst them based on other factors like policy benefits, additional covers, deductibles, and limitations. An important thing to note here is that, before settling on a particular plan, you should check the documents of the policy well and make well-informed decisions accordingly. Let us now look at some of the best insurance companies in UAE -

Adamjee Insurance -

Adamjee Insurance Co. Ltd is one of the oldest and best insurance companies in the UAE. It got established in 1960 and now gets listed on the Pakistan Stock Exchange. The company has a competitive advantage because of its significant reserves and paid-up capital as well as diverse business portfolio.

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Dubai National Insurance & Reinsurance -

Dubai National Insurance & Reinsurance got established in 1991 and functions in the UAE under the liaison of Federal Law of 2007. Even though the company provides various types of insurance products like medical insurance, home and travel insurance, it specialises in motor insurance. It is a considerably famous vehicle insurance company in Dubai.

New India Assurance -

New India Assurance started in 1961 and got registered under liaison from the Ministry of Commerce, UAE. It offers various insurance policies in UAE to meet the needs of its customers.

Salama Islamic Arab Insurance -

That is a leading provider of Shariah-compliant insurance solutions across the globe. It got incorporated in 1979 and offers a comprehensive range of insurance policies that are approved by the Shariah board of jurisdiction.

Oman Insurance -

Oman Insurance is headquartered in Dubai but has several branches across the various Emirates in the UAE like Qatar, Oman etc. It offers a broad range of insurance products like health insurance, vehicle insurance, general insurance and more.

HSBC Insurance -

HSBC Insurance offers life and general insurance and gets considered as a prominent insurance company in the UAE. It provides comprehensive coverage for the welfare of your family as well as insurance solutions for your home, car, etc.

National General Insurance -

National General Insurance offers a variety of insurance products that are related to marine, motor, construction, and property. It also provides medical insurance, health insurance and investment insurance. National General Insurance is also a fully accredited National Takaful provider in the UAE.

Dubai Islamic Insurance and Reinsurance Company -

Dubai Islamic Insurance and Reinsurance Company works as per the Shariah guidelines under the Shariah Supervisory Board and Fatwa. It primarily focuses on providing a comprehensive insurance system for Islamic Takaful services.

Oriental Insurance –

Oriental Insurance in the UAE is the foreign branch of the Oriental Insurance Company Limited present in India. The main focus of this company is to provide compatible policies to its customers, and it does this via the Armab Insurance Works LLC.

Union Insurance –

Union Insurance got incorporated in 1998 in Dubai, UAE. It is listed on the Abu Dhabi Securities Exchange and offers takaful coverage. With several offices in the UAE, it holds a significant market share amongst all other insurance companies present in Dubai.

Conclusion -

While all the insurance companies mentioned above are established names in the industry, they do fall short in certain aspects. The most important being their lack of digital presence and insufficiency to provide online insurance solutions. Buying an insurance policy online is so much easier, and with digitalisation dominating every industry, these insurance companies fail to provide this feature to their customers. That means, things like tracking the status of your claim application, disbursement details, and premium payment or renewal dates become a difficult task.

However, if you want to opt for insurance policies in the UAE, you can do so via North Loop. We offer various online financial products and services such as car insurance, bike insurance, health insurance, life insurance, home insurance, personal loans and much more. Buying an insurance policy online with North Loop can enable you to enjoy a paperless transaction with minimal documentation. It is also more cost-effective and saves time. The best part is that you can use our user-friendly mobile App to renew policies online from the comfort of your home.

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.