Munich Re backs parametric catastrophe insurance in United Arab Emirates
By Henry Gale
May 23 - (The Insurer) - United Arab Emirates-based Al Wathba Insurance has begun to offer parametric insurance in the country, it said, with Munich Re reinsuring the coverage in a treaty brokered by Gallagher Re.
Al Wathba Insurance is the first UAE-based insurer to sell parametric coverage, its head of reinsurance Abdulrahman Dodeen Al-Qaisi said in a LinkedIn post on Friday.
While Al Wathba Insurance's announcement did not specify which perils it would offer parametric coverage for, representatives from Munich Re referred to the reinsurer's appetite to underwrite tropical cyclone, earthquakes and flood risks in a video of the launch event the insurer posted on LinkedIn.
Record-breaking rainfall in the UAE last April caused flooding with insured losses of more than $2.5 billion, according to Aon, the greatest insured loss the country has experienced. Some tropical cyclones have affected the country in the past, with most damage usually caused by flooding, while earthquakes are rare.
Abdessamad El Angoudi, head of agriculture EMEA and parametric sales international at Gallagher Re, described the reinsurance treaty as one of the first of its kind in the Gulf Cooperation Council region.
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