The International Association of Insurance Supervisors selects Ibrahim Al Zaabi in the IAIS Executive Committee

: 11/29/2015

Abu Dhabi, November 28, 2015

 

The International Association of Insurance Supervisors (IAIS) selected H.E. Ibrahim Obaid Al Zaabi, Director General of the Insurance Authority, for the membership of the IAIS Executive Committee.

 

It is the first time for the UAE to be selected for the membership of the IAIS Executive Committee since it became a member of the IAIS in 2010.  The IAIS was founded in 1994 as an international organization joining 200 oversight and regulatory entities from 140 countries worldwide in its membership.  Insurance premiums in those countries are estimated at nearly 97% of the total premiums worldwide.

 

This selection represents a new achievement for the UAE in the international forums and a recognition by the IAIS of the international position of the UAE at the global level and its leading role in the global economy in general and the regional and international insurance markets in particular, especially that the UAE continuous success in attaining top ranks in the international competitiveness reports and in entrepreneurship, in addition to the increasing development experienced in the UAE insurance market, as one of the biggest insurance markets at the GCC and Arab levels in terms of the volume of business by accounting more than 44% of the region’s market volume.

 

Mr. Al Zaabi will represent the UAE and the region in the IAIS Executive Committee, and through his participation, will seek to boost the position of the UAE insurance market at the level of global markets and promote the UAE as a regional and international hub, in addition to enhance cooperation ties between the UAE Insurance Authority and the IAIS on the one hand and its counterparts worldwide on the other hand.

 

The UAE, represented by the IA, is an active member in the IAIS which aims at achieving collaboration between member bodies  to attain the highest supervisory and regulatory levels in the insurance industry at the local and international levels in order to maintain the efficiency, integrity, fairness and stability of the insurance markets with the ultimate objective of protecting the rights of policyholders and consolidating the efforts to achieve effective supervisory levels through exchange of information and special expertise in order to improve the supervisory approaches in the markets worldwide and achieve the safety and stability of the international financial markets.

 

The IA seeks to become a leading authority in the area of promoting and regulating the insurance sector as well as enhancing its standards so that it can compete globally, by developing the market performance, furthering its regulatory and legal capacities, improving growth rates in all aspects, and increasing the volume of insurance premiums towards increasing the insurance share in the GDP of the UAE, and supporting the economic diversity approach and sustainable growth in the State.

 

Over the past years, the IA has issued many regulations and legislations which strongly promote the organization and development of the insurance sector in the UAE towards more competitive international horizons.  Such regulations included the financial instructions to regulate the financial, investment, technical and accounting activities of the insurance companies.  The issuance of these instructions also gave the UAE precedence at the level of the Middle East in adopting the latest solvency measurement requirements.  Accordingly, this contributed to raise the credit rating of the UAE companies and enhance the positive outlook of the UAE by the international rating agencies and the international financial and investment institutions.

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