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May 2022

Product bites

Source: Middle East Insurance Review | Jan 2022

Saudi Arabia: SAMA OKs first insurance product for self-driving vehicles 
Saudi Central Bank (SAMA) has approved the first insurance product to cover self-driving vehicles and the related risks in the local insurance sector.
The new product covers self-driving cars that navigate without human intervention to a predetermined destination through various technologies and sensors. The technologies include adaptive cruise control, anti-lock braking system, global positioning system and laser techniques in the locations licensed by the competent authorities.
The move supports providing innovative insurance products to keep pace with the latest technology and industrial developments in Saudi Arabia, in line with Vision 2030. M 
UAE: Emirates reintroduces free COVID-19 medical cover until March
Emirates airline has reintroduced complimentary COVID-19 medical travel insurance for passengers as  countries around the world update travel rules and regulations in light of the new Omicron variant.
On 1 November, Emirates had announced that it would discontinue multi-risk travel insurance for passengers from 1 December. The carrier had said that multi-risk travel insurance will no longer apply to tickets purchased on or after 1 December 2021 with the COVID-19 medical travel insurance cover taking effect instead.
Under the new plan, passengers travelling to any destination on the Emirates network can use the policy to cover medical expenses of up to $175,000 should they contract COVID-19 during their travels. Previously, the policy covered up to EUR150,000 ($169,000) per person for medical and hospital costs.
If travellers need to quarantine while overseas, they can claim up to $115 per day per person, for up 14 days under the new plan.
The insurance policy runs for the same length of time as the previous one did, protecting travellers for up to 31 days from the date of their first flight with Emirates, or for the duration of any longer return trip. Travellers must take the first flight in any booking before 31 March 2022 to be eligible for the coverage.
Cover is automatically added to all flight bookings, but travellers must contact the correct AIG representative to make a claim on the policy should they receive a positive COVID-19 diagnosis during their trips. M 
UAE: yallacompare launches pet insurance products to help owners save money on vet bills
Dubai-based financial comparison platform and insurance aggregator yallacompare has introduced a new insurance product for pet owners in the UAE.
Designed to reduce the burden for pet owners, the product offers shariah-compliant cover for dogs and cats so that policyholders need to pay only 20% of the final bill in the event of an unforeseen medical emergency.
Unforeseen medical bills for vets can range from AED900 ($245) for blood tests and scans to tens of thousands of dirhams for major surgery or life-supporting care, said yallacompare citing figures from local veterinary groups. The new product helps to relieve this pressure with direct billing at a network of 10 vets across the UAE with co-payment, as well as the option to claim back costs at other vets.
Pet owners can sign up for a pet insurance policy on the aggregator website, where they can choose from three packages – bronze, silver or gold – which offer varying levels of cover. “Policies come with an AED900 deductible limit. Once that limit has been reached, policyholders will only need to pay for 20% of the services that are covered,” said yallacompare. M 
UAE: Oman Insurance launches Middle East medical solution giving access to 13,000 medical providers
Oman Insurance Company has launched its regional insurance medical solution in a bid to simplify and improve access to health insurance for companies operating in the UAE and across the Middle East.
The new service, implemented in partnership with TPA MedNet and four other regional insurers, will give employees access to a regional network of 13,000 medical providers while giving them uniform and comprehensive cover. The four insurers are Jordan’s Delta Insurance, Kuwait’s KIB Takaful Insurance, Bahrain’s SNIC Insurance and Saudi Arabia’s Walaa Cooperative Insurance.
The medical solution was designed with the objective of catering to regional organisations with locally-compliant health insurance plans in Bahrain, Jordan, Kuwait, Oman, Saudi Arabia and the UAE. The solution will soon be extended to Egypt and Qatar. M 
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