Industry Leader Says Lack of Adequate Protection Can Cause Significant Financial Woe;
UAE Residents At Risk Due To “Worrying Lack of Awareness”
A top insurance broker has warned that a lack of awareness about the benefits of travel insurance is putting scores of globe-trotting UAE residents at risk.
Although there is a wide range of travel insurance products on the market, general uptake is still regarded as relatively limited.
UAE residents’ lack of enthusiasm was recently emphasised by research from Zurich, which found that 58 per cent of those surveyed had never purchased travel insurance. 32 per cent said they only did so occasionally.
“UAE residents have a worrying lack of awareness when it comes to seeking adequate protection for their travels, and that is a problem,” said Sandi Saksena, who is a leading Financial Advisor at Nexus Insurance Brokers.
“Travel insurance is absolutely essential and covers minor inconveniences such as flight delays and baggage loss to major unforeseen emergencies and accidents, including cover for medical and finance (such as non-refundable pre-payments) and other losses.”
The cost of a travel insurance policy varies depending on the type of cover required.
According to Nexus Insurance Brokers, single trip insurance can cost as little as AED 50 per person, with premiums rising depending on length of stay, countries visited, age and inclusions such as sporting activities.
“You must take into account what types of risk could arise from your itinerary,” added Saksena.
“For example, are you considering traveling to remote areas or engaging in extreme sports? Any of these could result in requiring an airlift to a hospital or hospital stay that could cost thousands of dollars. Either way, it is extremely important that you disclose all facts to the provider to secure the best possible cover. To ensure your safety and peace of mind, it is a good idea to speak to your financial advisor to find out what works for you.”