Last week, the United Arab Emirates experienced unprecedented levels of rainfall, causing significant damage across the region. In response to this natural disaster, the Central Bank of the UAE (CBUAE) swiftly implemented relief measures to support individuals and families affected by the adverse weather conditions.
Loan Repayment Deferral Option
The CBUAE announced a crucial directive to all banks and insurance companies, granting affected customers the option to defer loan instalments for up to six months. This relief measure is designed to ease the financial burden on borrowers during this challenging period without imposing additional fees, interest, or profit charges.
Insurance Coverage for Damages
Furthermore, the CBUAE clarified that damages to vehicles and properties caused by the heavy rainfall are covered by comprehensive insurance policies. This includes compensation for losses incurred due to the inclement weather, providing reassurance to policyholders seeking to repair damages to their assets.
Individuals are encouraged to review their insurance policies carefully to understand their coverage and rights. In case of disputes with insurance companies, the CBUAE advises seeking assistance from SANADAK, the financial and insurance ombudsman, to ensure fair resolution and compensation for damages.