The UAE insurance industry sees rising demand for comprehensive motor insurance in the wake of severe floods in recent weeks that submerged or swept away vehicles.

Experts in the insurance sector told that holders of motor third-party liability (MTPL) insurance policies are giving up the policies in favour of comprehensive insurance.

They say that comprehensive motor insurance is seen as a lifeline by vehicle owners because, in addition to third-party liability, it covers vehicles against damage arising from accidents or events like flooding.

Methaq Takaful Insurance Company director of the motorinsurance department Firas Kaboush said that the recent weather events contributed to a significant increase in demand for comprehensive insurance, especially among third-party policyholders who suffered losses as floods damaged their vehicles.

Mr Kaboush said, “Awareness has increased among the insured about the necessity of obtaining insurance that protects them from natural disasters, especially rain and floods, in our region.”

BuyAnyInsurance co-founder Mark Bachayani confirmed that the demand for comprehensive motor insurance has increased significantly, with many holders of third-party insurance policies converting these policies to those with comprehensive coverage.

BuyAnyInsurance operates an online insurance platform.