IA organizes the Annual Forum for the sector’s partners and customers

: 6/15/2016

Abu Dhabi June 15, 2016

The Insurance Authority (IA) organized the forum of partners and customers in Abu Dhabi. The event was attended by senior officials of the sector, managers of the national and foreign insurance companies operating in the State and their representatives, managers of the insurance-related positions, customers, partners, and policyholders as part of the annual Ramadan forum held between the IA and the local insurance sector officials.

H.E. Ebrahim Obaid Al Zaabi, Director General of the IA, confirmed that the insurance sector in the UAE is developing one year after another under the efforts exerted to regulate the activity of the market and performance of the operating companies to catch up with the economic development in the State and face the different challenges.

He pointed out the insurance premiums written in the State recorded nearly AED37 billion in 2015 with a growth rate exceeding 10% than 2014 according to the initial estimates. He said he hopes that the companies deliver better performance during the present year.

He went on to say: “The insurance market in the UAE is the biggest Gulf and Arab market dominating 40% of the premiums written in the Gulf market and 33.5% of those written in the Arab market. Further, it has the best competencies and expertise working in the insurance sector at the Arab level”.

He added that the IA continuously seeks to develop the performance of the sector and boost its competitiveness by issuing the regulations, laws, and regulatory, technical, and financial decisions. In this regard he referred to the financial instructions, the Insurance Brokerage Regulation, and the decision to review the pricing policy adopted by the insurance company in the classes of property and liability insurance and the description of the principles and rules adopted in pricing as well as the evaluation of such policy by a licensed actuary who is registered with the IA.

He indicated that the IA has many laws and regulations under consideration which are expected to enhance the status of the insurance market in the State and contribute to controlling the market conditions and uplift the performance of companies and insurance-related professions. He noted that the IA is keen to protect the rights of policyholders, shareholders, and investors.

Mr. Al Zaabi called upon the insurance companies to adjust their status, enhance their business, and diversify their products to improve their performance and profits as well as their abilities to face the difficulties and challenges.

He affirmed that the insurance companies and insurance-related professions in the UAE market are key partners in developing the performance of the sector and boosting the local market status at the regional and international levels.

The Director General of the IA reaffirmed the importance of paying attention to Emiratization by the companies, being a national and strategic issue, and to train the competencies working in the sector in order to develop its performance in various aspects of insurance.

In turn, the managers of the insurance companies asserted the intensive efforts exerted by the IA to develop the performance of the sector and local market. They referred to the regulatory and legislative decisions issued recently by the IA which will contribute to a quantum leap in the sector performance and market competitiveness.

They considered that the IA’s decision to review and evaluate the insurance rates by hiring actuaries in accordance with technical and regulatory controls will contribute to taking the sector to a more developed stage and will end the suffering of many companies which sustain damages due to the non-technical pricing processes and the price war practiced by some companies causing adverse impacts in the markets and losses for the companies and the sector. 

The companies’ managers valued the IA’s initiative organizing the forum and its commitment to continuously communicate with the sector’s representatives which contributes to uplifting the performance of the local insurance market and serves the national economy.

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