Central Bank UAE Allows Loan Deferral, Confirms Insurance Coverage.
Central Bank UAE Allows Loan Installment Deferral. In response to recent weather conditions, the Central Bank of the UAE (CBUAE) has instructed banks and insurance companies to offer a six-month deferral option for personal and car loan repayments without imposing additional fees or interest.
Furthermore, the CBUAE confirms that damages to vehicles and homes caused by the heavy rains are covered by insurance policies, specifically comprehensive insurance. Insurance companies are responsible for indemnifying affected individuals, including homeowners and property owners.
To safeguard their insurance rights, the public is urged to thoroughly review their insurance policies and seek assistance from SANADAK, the financial and insurance ombudsman, in case of any complaints or disputes with insurance providers.
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