Confirmed HE Fatima Mohammed Ishaq Al-Awadi, deputy director general of the insurance that the UAE leads the way in organizing the work of Takaful insurance by issuing in 2010 a sophisticated system for this type of insurance, which is the first of its kind in the Arab countries and the most comprehensive in the specialized systems at the level of Islamic countries.
She was pleased through their participation in the conference, "the insurance markets of regional 2011 - Opportunities and Challenges" held in the Sultanate of Oman during the period between 11 to 13 January that the premiums in the insurance market, the UAE has grown by 51 percent during the period between 2007 and 2010, rising from 6.14 billion AED to AED 22 billion in invested capital grew in the insurance sector the state by 20 percent from 1.23 billion dirhams in 2007 to 6.27 billion dirhams 2010, which underlines the importance of the domestic insurance sector and its vital role for the national economy.
And reviewed the experience of the UAE in the development of sophisticated insurance market and highlight the most important investment opportunities in the insurance sector in particular and the UAE national economy in general.
She was pleased that the Insurance Commission has over the past years a number of specific initiatives to strengthen the competitive insurance market, the UAE through the preparation of legislative frameworks and supervisory, control and which is the cornerstone of the tighter control of the insurance sector, which led to the upgrading of the insurance sector in the country according to the best competitive practices and organization the local insurance market, according to the standards and rules of advanced and sophisticated in terms of performance, control and competitiveness.
She was pleased that the UAE has been able thanks to the initiatives of insurance and the growing national economy, which recorded exports of Arab countries in gross written premiums in time, which is in the insurance market within the local markets more developed at the regional level.
They noted that the Insurance Commission issued during the past four years, dozens of legal regulations and the legislative in the areas of Insurance Regulatory and activities of the practitioners of the profession and to prepare a draft instructions in the field of financial regulation and accounting in the insurance companies as well as action on resettlement quantity and quality and processes of judicial.
She noted her pleasure that the conference was an opportunity for dialogue and see the issues that contribute to the development of insurance sector in the Arab countries and issues of concern to the concerned insurance sector particularly with regard to practices and legislative and regulatory organization of the activity of reinsurance and the mechanism of development at the local, Arab and challenges supervisory management margin of solvency and management Risk and Insurance natural disasters, health insurance and Takaful.
And detection conference over the two days of hearings and debates enjoy the Arab insurance markets and opportunities for growth, although affected by the limited repercussions of the global financial crisis at the time considered the participants that the promotion of Takaful insurance - Cooperative is one important aspect in terms of opportunities for the growth of the Arab insurance industry.
The conference called at the conclusion of its work to promote cooperation between the regulators and the private sector to overcome the challenges faced by companies and strengthen the national financial and administrative order to raise the rates of insurance premiums in the domestic market and the development of cadres working in the sector.
Participated in the conference, along with the delegation of the Insurance Commission of the UAE .. Officials bodies of the Arab insurance and the Arab Union of Insurance and are interested in the insurance sector and those in the Arab world.