HSBC report shows UAE citizens are least likely to insure families

A new report from global financial giant, HSBC has shown that the citizens of the United Arab Emirates are least likely to buy insurance.

The HSBC's Power of Protection 2016 report said that people in the UAE were found to be the least interested in buying insurance in a study of a total of 12 countries. The report said that the citizens of the country were least likely to buy insurance for ensuring they and their families are financially protected in an unforeseen event.

The researchers found that 65 percent of people in the country said that they believe that it is someone else's responsibility to provide financial stability to their families if they are no longer able to provide for their families. Out of these 65 per cent, 30 percent rely on family, 19 percent on their employer and 16 percent on the government for financial support. Also, around 32 per cent said that they have not taken out life insurance because they expect someone else to arrange it for them.

Gifford Nakajima, head of Wealth Development, UAE and MENA, Retail Banking and Wealth Management, HSBC Bank Middle East Limited said, "While most people in the UAE have an optimistic outlook and high expectations for their future quality of life, more than half (56 percent) say that their biggest worry is that poor health could one day stop them being able to look after themselves or their families."The report studied responses form more than
11,000 people in 12 countries and over 1,000 respondents in the UAE.