The financial crisis that hit Dubai is likely to slowdown the growth of insurance premiums

Following Dubai Emirate's veto to financially support Dubai World, the holding is conducting talks with its creditors in order to reschedule its 26-billion-USD debt. As a consequence, Oman Insurance's rating has been downgraded by S&P in order to reflect the risk exposure of its parent company Mashrek Bank. With the real estate and construction market being in crisis, insurers are poised to see the volume of fire and engineering premiums come down. So far, no insurer in the Emirate has declared having an exposure to Dubai World.