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Oct 2019

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Jordan: Federation explains why insurers refuse fire cover in certain cases

Source: Middle East Insurance Review | Sep 2019

Insurers want to and are able to insure risk, unless prospective customers cannot meet the requirements and conditions for securing cover, said Mr Majed Smairat, chairman of the Jordan Insurance Federation (JIF).
 
He made these comments after the insurance sector was criticised by traders and industrialists for refusing to insure some commercial complexes, shops and warehouses against fire and disasters, reported Al Ghad.
 
The criticism was made after a fire hit some storehouses containing used and new furniture and electrical appliances in a commercial compound. In an initial estimate, the Amman Chamber of Commerce said the losses incurred stood at JOD1m ($1.4m).
 
Mr Smairat said he rejected the generalisation that insurers are refusing to provide cover, when there exist individual cases where the insurance applicant could not meet all the conditions of the insurance policy.
 
He added that some traders are seeking to insure “underground” warehouses without complying with required safety regulations. This means that their insurance premiums tend to be high because the risks in such cases are high. M 
 
JOD1 = $1.41
 
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