The initiatives of the Insurance Authority are intended to contribute to supporting the sector and enhancing its role in the economic structure and boosting the local market’s competitiveness.
Al-Mansouri: The new phase of growth of the national economy promises a powerful future of the UAE insurance sector
Abu Dhabi, January 12, 2013
H. E. Eng. Sultan bin Saeed Al-Mansouri, Minister of Economy and Chairman of the Board of Directors of the Insurance Authority (IA), confirmed that during 2012, the IA launched many initiatives and advanced actions, which all contributed to the development of the insurance sector in the UAE and enhancing its role to contribute to the UAE economic structure, as well as to boost the competitiveness of the UAE insurance market in a manner that reflects the dynamism of the national economy and the strength of its major and minor components, as well as its leading roles regionally and globally.
He emphasized that the comprehensive perspective to the insurance industry in the UAE has improved under the continuous growth recorded by the local market and the increasing of global confidence therein, at a time where a state of optimism in a strong future prevails in most of the local insurance companies, especially under the new phase of balanced growth seen in the national economy, in completion of the development achievements it attained over the past years at all levels.
He added that the initial indicators of the UAE insurance sector in 2012 confirm the developed and specific growth of such sector in all fields, which affirms its success addressing the regional and global challenges as much as the success of the UAE economy in overcoming such challenges, thanks to the successful economic policies of the wise leaders in the UAE and wise management by the UAE and the government to handle the crises and challenges.
He pointed out that the initial estimates of the growth of written premiums in the UAE insurance sector indicate an increase at nearly 10% in 2012 amounting to 26.5 billion Dirhams, while the growth of total investments in the sector is estimated at a rate more than the rate reported for 2011, reflecting the rigorous growth of the national economy and active momentum of all the economic components and their competitive attractiveness for investments.
He expected that the sector will continue its rigorous growth in 2013 with the same pattern reported for the past years.
He noted that the IA has come a long way developing and organizing the insurance sector in the legal and competitive aspects and protecting the rights of policyholders and companies. Today, the IA continues to complete the legislation and laws that catch up with the development renaissance of the UAE and conform to the best international standards.
He pointed out that the upcoming stage will see more achievements at the IA and insurance sector level in the IA, in conformity to the continuous growth of the national economy and the rising momentum of the comprehensive development in the UAE.
He indicated that the IA started an ambitious Emiratization plan in the insurance sector during 2013-2015 which includes significant important approaching in the physical aspect, scientific, and technical rehabilitation which contribute in changing the reality of Emiratization in the insurance sector.
He pointed out that despite the increase of UAE population and growth of Emiratization rates in the insurance companies, the current reality of Emiratization in the insurance sector is not up to the ambitions. He said: "The IA is currently working to change such reality, through the state-of-the-art planning and scientific approach, which guaranteesincreasing the Emiratization rate, securing job stability, boosting the attractiveness of working in the national insurance sector, providing the sector with national skillful and trained human resources capable of giving and production, and boosting the competitiveness of the national economy performance and developing its growth continuously.
Steady growth in all indicators
The indicators and data of the UAE insurance sector show the importance of such sector and its vital role in the development of the national economy, boosting the UAE approach of economic diversity, protecting the activities of the economic, commercial, industrial, and urban sectors, and providing stability in the society in many important aspects.
The annual report issued by the IA about the activity of the sector in the state in 2011 showed that total written premiums in all insurance classes amounted to (24) billion Dirhams, versus (22) billion Dirhams reported for 2010, with an increase rate of (9) percent. The amount of funds invested in the sector amounted to (25.6) billion Dirhams, versus (27.6) Dirhams reported for 2010.
Total shareholders' rights in the national insurance companies amounted to (14.1) billion Dirhams, which is the same total amount that was reported for 2010. The technical provisions for all insurance classes amounted to (14.9) billion Dirhams.
Total written premiums in the insurance of persons and fund accumulation operations class amounted to (4.8) billion Dirhams, versus (4) billion Dirhams in 2010. The share of the national companies of such premiums amounted to 29.8 percent and the share of foreign companies amounted to 70.2 percent. Total written premiums for the property and liability insurance classes amounted to (19) billion Dirhams versus (18) billion Dirhams in 2012 where the share of national companies amounted to 75.9 percent and the share of foreign companies amounted to 24.1 percent.
The "accidents and liability" insurance topped the total written premiums for the property and liability insurance sectors for the national and foreign companies, after they exceeded (7.9) billion Dirhams, versus the same amount reported for 2010, followed with the "health insurance" with total premiums (5.6) billion Dirhams versus nearly (5) billion Dirhams. At the same time, the total "fire" insurance premiums amounted to (2.5) billion Dirhams versus (2.2) billion Dirhams. Premiums of air, inland, and maritime transport insurance amounted to (2.3) billion Dirhams, versus (2.2) billion Dirhams, and the premiums of insurance of other risks amounted to (790) billion Dirhams, versus (592) billion Dirhams reported for 2010.
The total technical reserves for insurance of persons and fund accumulation operations amounted to (7.3) billion Dirhams and total technical reserves property and liability insurance amounted to (7.6) billion Dirhams.
The rate of national insurance companies' retention of the written premiums for the classes of "property and liability insurance" recorded 55.6 percent of total premiums, 64.8 percent for "accidents and liability" class, 38.2percent for the "fire class",30.1 percent for the "inland, maritime, and air transport class", 64.2 percent for "health insurance class", and 22.3 percent for "other risks class".
New advanced legislation
Since its incorporation as an independent authority to organize the insurance sector, as per the provisions of Federal Law number (5) of 2007, the IA realized that the attention paid by the UAE to such sector and its role in developing the national economy and achieving social stability add an additional responsibility to the IA to exert maximum efforts to complete the organizing legislation, provide qualified technical staff, and continuous regard for training in order to catch up with the developments and changes and to ensure adopting the best international standards to organize to insurance sector.
The IA embarked upon issuing new laws and updating the existing laws which contribute in achievingan excellent shift in the UAE insurance sector and provided it with the competitiveness it has long aspired in the past years. In 2012, many regulations, instructions, and decisions were issued with the aim of reorganizing the UAE insurance sector, and many bills related to organizing the financial aspects of the activities of the insurance companies were prepared. The IA held many meetings with officers of the insurance companies to discuss such regulations and instructions, as part of the process of finalapproval thereof by the IA.
The most remarkable achievements of the IA in the area of legal organization of the local insurance market is represented in the issuance of Federal Law number (5) of 2012 by H. H. Sheikh Khalifa bin Zayed bin Sultan Al Nahyan, President of the United Arab Emirates, in November 2012 amending some provisions of the Federal Law number (6) of 2007 concerning the establishment of the IA and organization of its business, by replacing articles 9 and 19 with new articles.
The new article (9) states that the IA shall have a Board of Directors comprising of a Chairman and a number of members appointed by a decision made by the Cabinet. The nominees for membership of the Board must have no form of conflict or interest in their membership throughout the term of membership. The decision of Board formation determines the number of members, their remunerations, and membership term. The new article (19)states that the revenues of the IA shall be comprised of any funds allotted for the IA by the government, the fees charged by the IA, the bequests, grants, donations, and aids accepted by theBoard that in line with the IA's objectives, and any other resources approved by the Board, which is compatible with the requirements of some competent governmental entities.
Such amendments come as part of the instructions of the wise leaders in the UAE of the importance of developing the legislation and the laws in accordance with the comprehensive development achievements achieved by the UAE and the turnaround seen in the performance of the national economy at all levels, and they aim at protecting the rights of policyholders and establishing the insurance market, as per the state-of-the-art foundations and best standards which take into account all the legal, technical, and financial aspects of the insurance sector.
On the other hand, during August 2012, the Cabinet approved re-forming of the IA Board of Directors, presided by H. E. Eng. Sultan Bin Saeed Al-Mansouri, Minister of Economy, and the membership of Humaid Ali Bin Buti Almihiri, Maryam Buti Al Suwaidi, Maryam Mohammed Amiri , Hamad Harith Almadfaa, Hamad Saif Almansouri, Ajlan Ahmed Qubaisi , and Ebrahim Nasser Lutah.
Further, in April 2012 the Cabinet approved extending the period of five year granted to the insurance companies operating in the state to regularize their position in accordance with the provisions of Article (25) of Federal Law number (6) of 2007 concerning the establishment of the Insurance Authority and organizing its business extra three years. The first clause of Article (25) of the Federal Law number (6) of 2007 concerning the establishment of the Insurance Authority and organizing its business stated that the companies may not combine the insurance of persons and fund accumulationoperations and property and liability insurance operations. The second clause of the same article requested the existing companies that practice both insurance types stipulated in the first clause of such article to regularize their position within five years from the date of effectiveness of such law, with the possibility of extending their period under a decision by the Cabinet. The third clause of the same article obliged the existing companies that practice both insurance types stipulated in the first clause of such article to abide by the instructions issued by the Cabinet related to the organization of the business of each type of both insurance types once the provisions of this law enter into effect.
Such extension comes as part of the UAE government commitment to provide the biggest opportunity possible for the companies to regularize their position in accordance with the set standards with the objective of boosting the competitive environment in the UAE markets and facilitate application of the new legal practices on the companies to serve the economic development in the state and contribute in the development of the insurance sector and organization of its business as per the best international standards.
In line with the IA's initiatives aiming at boosting the legislative frameworks to organize the insurance sector in the UAE and increasing its competitiveness regionally and internationally, and at the time the IA finalized discussion of the drafts of three financial instructions related to the rules of calculating technical provisions, principles of investing the rights of policyholders, and the rules related to the financial solvency margin, with the national and foreign companies operating in the UAE and the actuaries and preparing their final draft, during April 2012, the IA held a specialized workshop to discuss the drafts of four accounting instructions with the national and foreign companies operating in the UAE, and it was attended by over 100 general managers and financial officers in the companies, in addition to a number of specialists and persons interested in this field. The draft accounting instructions are related to aspects with a special importance with the draft instructions of the accounting policies that should be adopted by the insurance companies, draft instructions of defining the assets of the insurance companies corresponding to the insurance obligations arising on them, the draft instructions of the principles of organizing the accounting books, and the draft instructions of the records that should be organized and maintained by the insurance companies.
This step stems out from the IA's commitment to involve the insurance companies and specialists in preparing the legal and regulatory drafts to achieve the maximum level of meeting the requirements and visions of the relevant parties, and in consistency with the international standards applicable and the international competitive level of the national economy.
On the other hand, the IA is currently considering the bill of mandatory motor insurance policy to replace the Ministerial Decision which organizes the process of issuing unified motor insurance policies with both parts; loss and damage and civil liability "comprehensive", and "civil liability against third parties. Further, the IA is about to take practical actions to control the insurance market, especially motor insurance, in accordance with the IA's establishment law number (6) of 2007 which authorizes the IA to take such actions to protect the best interests of policyholders.
Currently, the IA is working on preparing other regulations and instructions, on top of which, new rules organizing the business of insurance brokers, in line with the re-organization of the market in accordance with standards controlling profession practice, with the objective of improving the work environment of the broker to guarantee having qualified brokers and protecting the interests of all relevant parties. During July 2012, the IA distributed the draft rulesto the insurance companies and insurance brokers in the UAE to express their notes and suggestions regarding the rules before they are is finally approved and entered into effect. Pursuant to the provisions of the proposed draft, the broker must be in the form of a limited liability company or a private joint-stock company, therefore, it may not be a natural person or an individual establishment.
The IA is also currently working on preparing new regulations to organize the activities of insurance consultants and reinsurance standards, among other regulations.
Such regulations complement the series of laws and regulations issued by the IA last years and the previous years, represented in the issuance of Takaful insurance regulations number (4) of 2010 which is a precedence in the insurance area achieved by the UAE at the Arab level and the most comprehensive regulations at the level of Islamic states. The IA also issued instructions number (8) of 2011 organizing the activities of insurance agents, and instructions number (3) of 2010 concerning the rules of and ethics of profession practice that should be adopted by the insurance companies, which ultimately aim at protecting the rights of insurance policies and beneficiaries. Other instructions issued include the instructions concerning licensing of health insurance claimsmanagement companies and the organization and control of activities thereof, the guidelines to organize the dealing of the insurance companies with the banks in the area of marketing of insurance policies, instructions number (1) of 2009 concerning procedures related to anti-money laundering and combating of terrorist financing in the insurance activities, rules number (6) of 2010 concerningloss adjusters and surveyors, instructions number (9) of 2009 concerning the licensing of health insurance claims management companies and the organization and control of activities thereof, and the executive regulations number (2) of 2009 of the Federal Law number (6) of 2007.
In the area of insurance brokerage, the ministerial decision increasing the minimum capital of the insurance broker has been adopted so that the insurance brokerage profession is practiced by brokerage establishments with appropriate technical and financial competence. Further, the IA inspectors were sent to some of the insurance companies and insurance brokers to verify the technical, financial, and legal aspects.
In line with completion of the steps and procedures to organize the UAE insurance sector, the IA issued many circulars in 2012 that aim at organizing the sector and boosting its competitiveness at advanced and modern levels.
During April 2012, the IA requested the insurance companies to fully abide by the provisions of the unified motor insurance policy and to refer to the IA regarding any procedure that violates such provisions, considering that the addition of these terms or any other conditions to the unified motor insurance policy as void and it conflicts with the provisions of ministerial decision unifying the motor insurance policies.
The IA requested all the insurance companies licensed to practice motor insurance in the UAE during July 2012 not to extend the insurance coverage of the vehicles licensed in the UAE to the Sultanate of Oman except through the unified insurance card system on motor vehicles crossing the Arab countries “Orange Card” and requested the companies to adopt the orange card convention signed between both countries.
During October 2012, the IA requested all the insurance companies operating in the UAE to express the reasons in writing in case claims are rejected in all insurance types. In a circular sent to the general managers of the insurance companies, the IA explained that in case the company rejects the claim submitted to it, in full or in part, it should notify the indemnity applicant of the reasons of rejection in writing. Rejection may not be expressed with general and inaccurate statements. Further, rejection may not be issued just because the applicant for indemnity refrained from taking actions or submitting certain statements, unless the actions and statements are necessary to verify the accident and its causes or the amount of damage arising from the accident or from enabling the company to exercise the right of recourse legally established for the company.
During June 2012, the IA instructed the national and foreign insurance companies operating in the UAE to pay the fees, penalties, and indemnity for the damage that occurs at the federal roads in E-Dirham and to stop payment of such fees in cash and checks, in accordance with the E-Dirham second generation system.
61 Insurance Companies
The number of insurance companies operating in the UAE amounted to 61 companies, including 34 national insurance companies and 27 foreign insurance companies. The number of companies practicing all classes of insurance (insurance of persons and fund accumulation operations, property insurance, and liability insurance) amounted to 11 national companies and 2 foreign companies. The number of companies practicing property insurance and liability insurance classes amounted to 20 national companies and 17 foreign companies. The number of companies practicing insurance of persons and fund accumulation operations amounted to 2 national companies and 8 foreign companies.
The number of companies practicing export credit insurance amounted to one national company while the market includes 10 national companies adopting the Takaful insurance system.
The number of insurance agents amounted to 11 agents and the number of insurance brokers amounted to 170 brokers, including 163 national brokers, and 7 foreign brokers. The number of insurance consultants amounted to 18 consultants, and the number of loss adjusters and surveyors amounted to 69. The number of insurance mathematicians amounted to 25.
Control and complaints
The IA performs its work and its end of the objectives and duties identified by the Federal Law number (6) of 2007 concerning the establishment of the IA. The IA is committed to serve the citizens and policyholders in a prefect and competitive manner in line with the adoption of the law, with the objective of boosting one of the strategic objectives of the IA, namely the supervision and control of the insurance sector to ensure the financial solvency and compliance with the laws, and consequently, developing the sector performance and boosting the competitiveness of the local insurance market.
Supervision and control are key duties of the IA and they complete each other to promote the UAE insurance market to advanced levels and to develop the positive factors in the market as well as overcome the negative practices. The IA conducts control and field inspection of the insurance companies and related professions to ensure the integrity of the technical and financial positions of such companies and how far they observe the technical principles for practicing insurance and reinsurance operations, by conducting regular and unannounced examination by sending controllers and inspectors to the insurance companies and the local market to investigate complaints and invalid practices or to evaluate the situation in the field, in order to control the sector and ensure its development as per the best modern practices.
The figures affirm the importance of field inspection in the activity and work of the IA. The number of inspection tours conducted by the IA in the insurance companies recorded (20) tours last year, some of them were unannounced. The number of tours and visits to the companies of insurance-related professions recorded (30) inspection tours.
In line with its commitment to protect the rights or policyholders and beneficiaries, the IA established a section for complaints and inquiries, out of its beliefthat listening to the complaints of relevant parties,examining them from the legal and insurance aspects, and attempting to find legal solutions to the problems after listening to the viewpoints of both parties to the relationship represent a form of dispute settlement without resorting to the court, thus saving the expenses, effort, and time.
As to issue of complaints, the IA seeks to organize the sector and achieve balance between the policyholders' complaints and companies' interests, as the IA receives complaints from the policyholders and the public directly and examines them carefully then verifies them through direct contact with the companies subject of complaint, and consequently the stage of discussionis started to solve all the points of differences in accordance with the set legal grounds.
The number of complaints received by the IA during the past year amounted to (540) complaints, (498) of which, with rate of 92.2 percent of the complaints,were resolved by the IA, within a period not exceeding five business days from the date of filing of complaint. The number of complaints received by the IA in 2011 amounted to (690) complaints, which indicates the reduction of number of complaints filed to the IA regarding various insurance sectors in the UAE in 2012 at 22 percent compared to the complaints filed in 2011, which affirms the success of IA's efforts boosting the insurance awareness of the policyholders and beneficiaries, in addition to the increasing competitiveness of the performance of the UAE insurance sector.
The IA receives the complaints filed from the companies against other companies and those filed from brokers and other professions related to insurance against the companies and vice versa. Additionally, the IA answers dozens of daily inquiries related to the different aspects and fields of the insurance activity in the local market.
Most of the complaints reported to the complaints section, namely more than 95% of the complaints, are related to the auto insurance class, while the remaining percentage is restricted to the complaints about property insurance and other insurance. The concentration of most of the complaints in the auto insurance class is normal in view of the relationship of the auto insurance class with many groups of the society whether vehicle owners, those who sustaindamages from vehicle accidents, or those injured from the vehicles.
The IA places the Emiratization issue at the core of its strategy for years to come, whether at the level of the IA or the entire sector, in accordance with the UAE approach, vision of H. H. Sheikh Khalifa bin Zayed bin Sultan Al Nahyan, President of the United Arab Emirates, and directions of H. H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, supporting the citizen, preparing and rehabilitating citizens scientifically and practically, and providing appropriate employment opportunities.
The IA strategy in the area of Emiratization aims at boosting the attractiveness of working in the IA, achieving employment stability, and enabling the UAE staff to assume a key role in leading the journey of the insurance sector in the state, by attracting more citizens at the level of the IA and the sector, and focusing on developing the scientific and practical experiences of the UAE citizens working in the IA and the sector in different specializations by adopting advanced programs to rehabilitate the specialized and professional UAE staff in order to catch up with the requirements of economic growth and meet the needs and requirements of the insurance market in the upcoming stage, in accordance with the long-term economic plans of the state and in a manner that contributes to boost the competitive ability of citizens in the labor market in the UAE and abroad.
Recently, the IA embarked on employing the UAE competencies in different departments and sections in the IA which led to achieving good results as Emiratization percentage in the IA amounted to (92.2%) by the end of 2012, which is more than the percentage targeted in the IA's strategic plan for 2012 which was approved by the Federal Authority for Government Human Resources.
The IA's strategic plan for 2013 targets increasing Emiratization percentage to higher rates, by boosting the attractiveness of working in the IA, achieving employment stability in the different departments, attracting more UAE specialized competencies in the work sectors in the IA, and developing the existing UAE staff in all the employment areas.
Additionally, the IA worked on developing competencies of the UAE staff through training programs which are selected by the IA based on a scientific approach, in coordination with the competent government bodies, to provide them with more experiences to harness them in serving the national economy. For example, the IA presented (15) training courses last year in various technical and administrative areas.
At the sector level, Emiratization in the national and foreign insurance companies operating in the UAE has an important position in the IA's work agenda and it activities due to the vitality of such sector to the national economy and its ability to accommodate more UAE employees, out of the strong performance of such sector and its excepted role in the structure of the national economy during the upcoming phase.
The IA seeks through a modern systematic approach to create skilled and trained UAE staff to lead the UAE insurance sector and those who are capable of giving and producing to boost the competitiveness of the performance of the national economy and to develop its growth steadily and sustainably. Toward this end, the IA adopts the modern planning methods and the scientific approach to increase Emiratization rates, secure employment stability, and boost attractiveness of working in the local insurance sector. Recently, the IA has issued many instructions and decisions that helped increasing the number of UAE citizens working in the insurance companies in the state. For example, it linked the permission for companies to open branches with the employment of certain rates of UAE citizens. Further, the IA obliged the foreign insurance companies operating in the local market and do not have any UAE employee to achieve the general Emiratization rate at least.
As a result of such procedures and others, the Emiratization rate increased in all the insurance companies operating in the UAE to 7.1 percent by end of September 2012, versus nearly 6 percent end of 2011. The rate of UAE citizens working in the national insurance companies by end of last September amounted to 7.9 percent and those working in the foreign companies increased to 5.1 percent.
In line with its pursuit to create technical staff who can deal with the insurance inputs and outputs at all levels, the IA prepared a three-year draft plan for the years 2013-2015, aiming at achieving two goals at the same time:
The first goal is quantitative by increasing the rate of UAE citizens working in the insurance companies from the current levels to 15 percent by the end of the plan term in 2015.
The second goal is represented in the qualitative aspects by preparing the UAE youth to work in the technical, financial, and legal aspects of the insurance and reinsurance business, not just to work in the administrative and marketing aspects, with the objective of enabling the youth to assume high positions in the insurance companies where only highly scientifically qualified and practically trained persons can work.
To this end, the IA set many ways that include incentives for the scientific development and promoting the UAE employees to gain the scientific knowledge and practical experiences in the insurance area, in addition to other assisting executive actions.
As to the employees working in the sector, the number of employees (UAE citizens and expatriates) working in the national and foreign insurance companies amounted to 7998 employees in 2011, with a growth rate of 9 percent than 2010.
Since the rehabilitation of citizens working in the national insurance companies is one of the priorities of the IA's work, plans, and strategy, in accordance with the government directions and the ambitions of the wise leadership, in this line the IA worked on changing the reality of Emiratization and its rate in the insurance companies by the issuance of the various laws and instructions which help increasing the Emiratization rate in the insurance companies, expand the training and rehabilitation base, and support the UAE employees with the latest systems and scientific and professional systems and methods adopted in the world in a manner to improve the professional and scientific standard of the UAE staff working in the insurance companies.
H. E. Eng. Sultan Bin Saeed Al-Mansouri, Minister of Economy and Chairman of the IA, issued a decision that the IA rehabilitate and train a number of UAE staff working in the insurance sector to obtain the Associateship of the Chartered Insurance Institute (ACII) in London (the most advanced professional international certificate in insurance), though an extensive training program organized in Abu Dhabi and Dubai, in cooperation with an internationally certified institute to grant such certificate and it is associated with the British Institute. This initiative launched by the IA is a qualitative and advanced precedence at the level of the government agencies and entities to develop the scientific accomplishment of the citizen and improve their professional level by subjecting them to intensive scientific and practical training programs on the modern concepts of all the insurance areas that enable them to obtain internationally advanced certificates in the area of insurance. The rehabilitation and development programs include (13) programs that all form the programs constituting the Associateship and diploma of the Chartered Insurance Institute in London during a period ranging between 14 and 18 months approximately which are: a certificate in general insurance, motor insurance, principles of Takaful insurance, life insurance, health insurance, and life annuities, insurance law, insurance business and financial management, operations of the insurance company, liability insurance, commercial property and business interruption insurance, cargo and internal transport, risk management, insurance marketing, and an advanced workshop on underwriting.
Concrete and excellent developments in the Emiratization process will be seen during the upcoming years at the quantitative and qualitative levels.
Awareness and Education
The IA has full regard for the awareness and education aspects, being a means of development and gaining of knowledge of the latest development in the insurance field. Many awareness and educational courses were held on various insurance aspects. Additionally, educational seminars were held for persons not working in the insurance business in order to raise the awareness of the public about the importance of insurance at the economic and social levels and to promote the citizens to work in the field of insurance.
The IA organized an educational seminar under the title “Insurance associated with the investment units system” which was attended by many officers and technical staff in the national and foreign insurance companies operating in the state and the public interested in insurance affairs and investment in insurance. The seminar addressed many topics and aspects related to the investment units system, including the key life insurance policies and types thereof, as well as the investment status of each type.
Moreover, the IA participated in many local, Arab, and international seminars and conferences on multiple insurance issues, including the 29th Conference of the General Arab Insurance Federation entitled “Insurance and Factors of Change in the Arab Region”, the World Takaful Conference in Dubai, International seminar on Traffic Safety which was organized by the Emirates Traffic Safety Society during April 2012, the 9th Annual Gulf Insurance Forum in Dubai during last October, and the meetings of the International Association of Insurance Supervisors (IAIS) and the IAIS annual conference in Washington during past November.