Arabic House Insurance
House insurance in the GCC Arab countries is a very under developed market. There are very few land owners in comparison to the rest of the world as a percentage of the populations. This is due to the laws in many of the arab countries preventing property ownership by foreigners. As many expats live and work in the gulf this has resulted in a further skewing of the house ownership market.
Gulf House Insurance
Gulf house insurance is available from leading insurance companies in different forms. Since this market is reasonably immature many insurance companies don't carry house insurance products. Arabic insurance has gone out of it's way to find house insurance products that will serve your needs. The main risk in house insurance in the gulf is fire. More information can be found on this subject on the property insurance section.
GCC House Insurance
Most GCC states don't prohibit house insurance. However this was not always the case as about a decade earlier many muslim states in the GCC saw all insurance as garam and did not allow this industry to take place officialy. This trend has reversed now with GCC states now adopting more western views on insurance. This is due to the fact that people are seeing insurance not as gambling but as protection against unnecessary risk. This is not about personal gain but protecting ones family from having to go on the streets if the house was to have some calamity befall it.
These are exciting times for the insurance industry and please let us know if there is an insurance product you don't see us offering that you would like to have? House insurance is just one of the many products that arabicinsurance.com would like to offer to it's clients.