The Central Bank of the UAE (CBUAE) has issued a notice instructing banks and insurance companies to permit the deferral of repayment instalments for personal and car loans for a duration of six months. This initiative aims to aid customers affected by recent weather-related challenges, with no additional fees, interest, or increased principal amounts.
Furthermore, CBUAE affirmed that damages to vehicles and homes resulting from the recent heavy rains are covered by insurance, particularly under comprehensive insurance policies. Insurance companies are obligated to provide indemnification for such losses.
This assurance extends to property owners as well, encompassing both residential and commercial buildings. Owners with insurance coverage are entitled to repair damages incurred due to the adverse weather conditions.
CBUAE emphasizes the importance of understanding insurance policies thoroughly to safeguard individual rights. Individuals with complaints or disputes regarding insurance matters are encouraged to approach SANADAK, the financial and insurance ombudsman, for assistance.
