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The Real Score of Meeting Medical Expenses
How prepared are the UAE residents as far as meeting medical expenses are concerned? Close to 50% of UAE respondents of a survey are concerned they will be unable to pay for their family’s or own medical expenses, above their mandatory employee coverage, according to a survey from the insurer Cigna released recently. The findings from the 2017 Cigna 360o Well-being Survey showed that one in five respondents in the UAE tends to delay necessary health checks and 93% choose to self-medicate when unwell. The survey also indicates gaps in workplace health insurance benefits, with 45% respondents saying they pay for their out of pocket medical expenses, compared to 37% ...

Professional Indemnity: A Cover for Errors and Omissions
Professional indemnity (PI) insurance is still very much an emerging class of business in the Gulf. It is a form of liability insurance which protects companies and individuals who provide professional advice against a claim for negligence made by a client, and legal liability arising thereof for property damage, bodily injury, etc. Legal costs for defence are additionally covered. Any person who gives advice, designs, or offers similar services in a professional capacity is seen by clients as an expert. It’s natural that clients will pursue a claim if they feel that they have received erroneous advice. The scope of coverage typically focuses on legal liability arising due to error or omission ...

VAT on insurance
Be prepared to shell out that extra buck by way of Value Added Tax (VAT) in the UAE from January 1, 2018. VAT, a consumer-based tax on the supply of goods and services, will have to be borne by the consumers, like sales tax in other countries.VAT, a consumer-based tax on the supply of goods and services, will have to be borne by the consumers, like sales tax in other countries. The exempted categories are education, healthcare and certain food items. As per available information, no VAT will be payable on nursery school, pre-school, elementary school and government-funded university fees as these will be zero-rated. Non-government funded university fees ...

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