Known for its rapid economic growth and development, the UAE has seen a corresponding increase in the demand for risk and damage evaluation services. This industry plays a crucial role in various sectors, including construction, insurance, and legal.
The insurance industry heavily relies on risk and damage evaluation businesses to assess the extent of losses and determine appropriate compensation. This helps ensure fair settlements and maintains trust between insurers and policyholders. Meanwhile, in the UAE’s rapidly growing construction sector, risk and damage evaluation is essential for managing risks, resolving disputes, and ensuring project quality. On the legal end, these businesses often provide expert witness services, helping lawyers and judges understand technical aspects of damage or loss. Today, the UAE’s risk and damage evaluation industry is increasingly adopting advanced technologies, such as drones, 3D scanning, and data analytics, to improve efficiency and accuracy.
An entrepreneur looking to establish their business in this industry can choose the below business activities under their business license.
6621.00 – Risk and damage evaluation
Risk and damage evaluation is a specialised field that involves assessing potential risks and quantifying the damages resulting from incidents, accidents, or natural disasters. Professionals in this field, often referred to as risk assessors or loss adjusters, provide expert analysis and valuations to help individuals, businesses, and insurance companies understand and manage risks. Key business activities involve risk assessment, damage assessment, loss adjusting, and resolving disputes. From insurance claims to construction projects, legal disputes, and natural disasters, risk and damage evaluation is needed in a variety of settings.
This business excludes appraisal of real estate, appraisal for other purposes, and investigation activities.
Third-party Approval: This business activity does not require third-party approval.
Filing of Economic Substance Returns: This business activity needs to meet ESR requirements.
Anti-Money Laundering Compliance: This business activity needs to meet AML requirements.
6621.01 – Assessing insurance claims, claims adjusting, risk assessing, risk and damage evaluation, average and loss adjusting
Assessing insurance claims is a critical process that involves determining the validity and extent of a claim made by an insured party to an insurance company. It typically involves three main components. The first is claims adjusting, which includes investigation, verification, and determining the cause of the loss. The second is risk assessing, where potential threats are identified and mitigation strategies are developed. The third component is risk and damage evaluation, where damages are assessed, losses are quantified, and indirect costs are accounted for.
This business excludes appraisal of real estate, appraisal for other purposes, and investigation activities.
Third-party Approval: This requirement does not apply to the business activity mentioned in this article.
Filing of Economic Substance Returns: This requirement does not apply to the business activity mentioned in this article.
Anti-Money Laundering Compliance: This requirement does not apply to the business activity mentioned in this article.
6621.02 – Settling insurance claims
Settling insurance claims involves reaching an agreement between an insured party and an insurance company regarding the compensation for a covered loss. This process typically involves several key steps, from filing a claim to claim investigation, evaluation, negotiation, and payment. Examples of settlements include car accidents, home fires, theft, and business interruption.
This business excludes appraisal of real estate, appraisal for other purposes, and investigation activities.
Third-party Approval: This requirement does not apply to the business activity mentioned in this article.
Filing of Economic Substance Returns: This requirement does not apply to the business activity mentioned in this article.
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