The word Insurance is just a form of protection against future possible events. The work of an insurance company is to take charge or responsibility of covering for big or small kinds of loss in which they provide financial protection or reimbursements to their clients.
Therefore, in this article, we will deliberate immensely on the 10 best insurance companies in the UAE. But, before we elucidate more on that concept, let first discuss the types of insurance we have and how it works
- 1 The Types Of Insurance
- 2 Tips On How Insurance Work
- 3 10 Best Insurance Company In UAE
- 4 1. AXA Insurance Gulf BSC:
- 5 2. Chartered Insurance Institute Group Middle East:
- 6 3. Emirates Insurance Company:
- 7 4. Nas Admin Service LLC:
- 8 5. Oman Life Insurance:
- 9 6. Watania Insurance:
- 10 7. Al Fujairah Insurance Company:
- 11 8. Abu Dhabi National Takaful Co:
- 12 9. Al Dhafra Insurance Company:
- 13 10. Sagar National Insurance Company:
The Types Of Insurance
Based on the needs of the individual, insurance are of different types and they are as follows:
- Personal Insurance (Health, homeowners, auto, travel, and life)
- Property insurance
- Liability insurance
- Fire insurance
- Guarantee insurance ( e.g insurance policies are taken in cases like where there are 5. disloyalty, dishonesty, or chances of the second party backing out.)
- Social Insurance
Tips On How Insurance Work
These are contracts between two people which are the insurance company and the customer. It is the duty of the insurance company to diverse policies in which lay down the terms and conditions of the insurance policy the will provide. Just like the policy limits and premium( price). Let’s discuss the Policy Limits and Premium/ Price.
Policy Limits: This is the present amount of time the insurance company will pay for their covered losses under the policy. The duration can be over the entire life of the system that we call the lifetime maximum, it can also be per injury or loss, etc.
Premium/Price: This is known as the monthly expense the customers pay to the insurance company which they will summon in other to pay for the future losses of that particular customer.
This premium should adhere strictly to government regulation. On no account should the insurance company charge a huge premium amount because by doing so scares the customers away automatically?
10 Best Insurance Company In UAE
- AXA insurance Gulf BSC
- Chartered Insurance Institute Group Middle East
- Emirates Insurance Company
- Nas Admin service LLC
- Oman Life Insurance
- Watania Insurance
- Al Fujairah Insurance Company.
- Abu Dhabi National Takaful Co
- Al Dhafra Insurance Company
- Al Sagr National Insurance Company
1. AXA Insurance Gulf BSC:
Based on our findings, this insurance company is one of the largest global insurers and a universal leader in Insurance and Asset Management. AXA has lasted for over 68years and its duty is to offer a wide range of insurance products and services for individual, small-medium enterprises and companies. Not only that, but AXA is also now known as one of the most significant international players in the GCC, covering the UAE, Oman, Bahrain, and Qatar markets.
2. Chartered Insurance Institute Group Middle East:
This insurance company opened its new office to cover the Middle East and Africa(MEA) region and it is headed by Gaenor Jones who now serves as regional director for MEA and the Personal Finance Society Chartered Insurance Institute (CII).
As the day passes by, the demand for the CII’s professional qualifications, training, and continuing professional development (CPD) in the area keep increasing at a high rate. This rapid growth made it a leading insurance and financial service provider.
3. Emirates Insurance Company:
This started with just a few employees back then in 1982 by Sheikh Zayed bin Sultan Al Nahyan by law but right now is one of the leading insurance companies in the UAE known as the best insurance company in the entire Gulf Cooperation Council region. This company is the 4th largest insurance company as per gross written premium because they offer the best premium ever.
4. Nas Admin Service LLC:
The primary assignment of this insurance company is to provide medical and health insurance and they have lasted since 2002 in the GCC region and its headquarter is situated in Abu Dhabi. Over the years, this insurance company has provided adaptable and dynamic solutions in the market place to its business partners.
5. Oman Life Insurance:
Oman Life Insurance company practices specific customer-oriented services through high-quality products. This company was founded in 1975 and it is one of the leading Insurance providers in the Middle East and its headquarter is in Dubai, United Arab Emirates.
Right now it has over 15 branches and is acknowledged all over the United Arab Emirates. This insurance company covers a wide range of insurance solutions such as life insurance, health insurance, and car insurance, personal Insurance to Insurance for medium to large industrial and commercial enterprises.
6. Watania Insurance:
Watania Insurance company is known nationwide as a leading Takaful insurance company that offers takaful products. This company is also part of Abu Dhabi National Insurance Company. They are centered on providing financial services to the general public. Most often, Islams who want insurance polices with the Islamic point of view get their polices from Watania Insurance Company.
7. Al Fujairah Insurance Company:
This insurance company was established in the year 1976 and right now it has its branches scattered all over the country, like in Dubai, Sharjah, Dibba, Fujairah, and Abu Dhabi. Al Fujairah Insurance Company is situated in the Eastern part of the country and it is the only insurance company that has it headquarter in Fujairah.
They also offer insurance to Property and Casualties, including Motor Vehicles and Jet Aircrafts, Marine Vessels, Port Operators’ Liability, Group Life, Medical ETC
8. Abu Dhabi National Takaful Co:
This company provides a takaful insurance solution to the general public. It was established since November 2003 and the headquarter is situated in Abu Dhabi. They have branches in Abu Dhabi, Al Ain, and Dubai covering the entire UAE.
This company has its license issued to them by the minister of finance. They are also one of the Islamic insurance companies in the United Arab Emirates. They offer products and services of all sort and it is highly rated.
9. Al Dhafra Insurance Company:
Al Dhafra Insurance Company is a publicly owned company situated in Abu Dhabi under Emily’s Decree No. 8 of 1979 and registered under the provisions of the UAE Insurance Act. Indeed this company is among the leading insurance company in the United Arab Emirates.
10. Sagar National Insurance Company:
This company was founded in December 1979 as a publicly trading company through Sheikh Rashid Bin Said Al Maktoum, the late ruler of Dubai and Vice President of the UAE. This company was registered with the United Arab Emirates Department of Economics and Commerce (UAE).