Most UAE expats under-insured, reveals survey

Seven in 10 expatriates living in the UAE were found to have insufficient life insurance cover during comprehensive financial reviews conducted by deVere Acuma over the past 12 months, exposing a major financial protection gap among one of the world’s largest and most affluent expatriate populations.

The findings emerged from financial planning assessments undertaken with prospective and newly onboarded clients across the UAE in the last year in which advisers reviewed individuals’ existing protection arrangements against their income, liabilities, family commitments and long-term financial objectives.

The analysis found that approximately 70% of expatriates either had no “meaningful life insurance cover in place” or held policies that were “insufficient” to adequately protect their families financially in the event of death.

The findings come as the UAE continues to attract record numbers of internationally mobile professionals, entrepreneurs and high-net-worth individuals, many of whom have increasingly complex financial obligations spanning multiple countries.

deVere Acuma is part of deVere Group, which advises on more than $14 billion of assets for over 80,000 clients globally, many of whom are expatriates and internationally mobile professionals.

Nigel Green, CEO and founder of deVere Group, says the findings reveal a significant disconnect between wealth creation and wealth protection.

“Over the last 12 months, we’ve been struck by how many successful expatriates have spent years building wealth, investing for the future and creating opportunities for their families, yet remain dangerously underprotected,” he says.

“One of the biggest financial planning contradictions we see is that people insure their homes, their cars, and their phones, but fail to adequately insure the income and assets that support their family’s entire future.”

According to deVere Acuma’s analysis, underinsurance among expatriates is being driven by several factors, including overreliance on employer-provided benefits, rising financial commitments, international family obligations and a failure to regularly review existing protection arrangements.

“Many expats assume their employer benefits will provide sufficient protection,” says Nigel Green.

“In reality, it frequently falls far short of what would actually be required to protect a family’s lifestyle and long-term financial security.”

The UAE’s expat population faces unique financial challenges due to the international nature of their personal finances.

Many maintain property holdings, investment portfolios and family responsibilities across multiple jurisdictions, creating financial exposures that are often substantially greater than those faced by domestic populations.

“For internationally mobile families, financial protection is inherently more complex,” explains the deVere CEO.

“Multiple properties, international education costs, cross-border investments and overseas dependants all increase the amount of protection that families genuinely require.”

He continues: “For too many expatriate families, a financial plan exists to build wealth, but not to protect it. That’s a serious vulnerability.”

As a UAE-regulated insurance business, deVere Acuma works with expatriates to develop integrated financial strategies combining wealth management, retirement planning and tailored protection solutions designed specifically for international lifestyles and cross-border financial obligations.

The company says the findings highlight the importance of regular financial protection reviews, particularly for expatriates whose personal and professional circumstances can change rapidly.

“Life insurance isn’t simply about replacing income,” says the chief executive.

“It’s about protecting family ambitions, preserving financial stability and ensuring that years of careful planning are not undone by a single unexpected event.”

He concludes: “The most expensive insurance policy you’ll ever buy is the one you realise you needed after it’s too late.

“Our research over the past year demonstrates that too many expats remain financially exposed, usually without even realising it.”