Oman Insurance Company discusses cladding risk with key property clients

As part of its risk management initiative , Oman Insurance Company brought together a forum of experts to help its key property clients discuss the cause of some recent fire incidents in the country, the hazards of flammable cladding with a thermoplastic core, its amplification of property loss and damage and ways for maintaining safety standards going forward.
While the Civil Defense works on the forthcoming UAE Fire Safety code, the UAE’s largest insurer, Oman Insurance Company, takes a step towards helping its clients understand the specific hazard that some cladding may present, the different approaches to addressing the tough risk management issues therein and the availability of A2 fire-resistant panels with a stone core that are now compulsory for buildings more than 15 meters tall in the UAE.
Addressing risk managers from key insurance teams across the UAE, there were different perspectives shared. Speaking specifically on the flammable cladding risk, A. M. Rao, Group Director, Alubond Global Operation, the largest UAE manufacturer of building cladding panels shared insights to help understand the nature of cladding risk and the value of maintenance and renovation of existing buildings.
For Christos Adamantiadis, CEO at Oman Insurance Company the value that such forums bring is distinct – “Risk Management is increasingly receiving more attention on the back of global and regional façade fire incidents, and insurers with their experience and links to the right experts in the market can bring tremendous value to clients by bringing forward best practices, examining failures and identifying and bridging gaps effectively.”
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About Oman Insurance Company
Oman Insurance Company (P.S.C.) was established in 1975 and is one of the leading insurance providers in the Middle East. Oman Insurance Company has operations across Emirates in the UAE as well as in Oman, Qatar and a subsidiary in Turkey.
OIC provides a wide range of insurance solutions for individuals and enterprises in Life, Medical and General insurance. With a gross written premium of AED 3.19 billion in 2015, OIC is rated ‘A Excellent’ by AM Best and ‘A- Stable Outlook’ by Standard & Poor’s.