Demonstrating that large industry loss events from severe weather are possible in the Arabian Gulf region, reinsurance broker Gallagher Re has estimated that the property market insured loss from the recent flooding that affected the United Arab Emirates in April will be between US $1.8 billion and $2.3 billion.
That’s not the total insurance market loss either, as Gallagher Re also estimates that motor lines of insurance business in the affected area could see losses in the range from US $350 million to US $650 million.
Which would give a range for the total insurance market loss from the UAE Arabian Gulf flooding of between US $2.15 billion and $2.95 billion, by the brokers estimation.
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