IA brings partners, customers and insurers together to boost cooperation and to develop the sector performance

: 7/26/2015

IA brings partners, customers and insurers together to boost cooperation and to develop the sector performance

 

Abu Dhabi, 12 July 2015

The Insurance Authority organized a forum in Abu Dhabi for the partners, customers and insurers in the UAE in line with its efforts to boost strategic partnerships which contribute to the development of the IA performance and boost the UAE market competitiveness.

During the forum that was held recently, His Excellency Ibrahim Obaid Al Zaabi, Director General of the IA, confirmed the IA's permanent commitment to communicate with its strategic partners and customers in order to develop the integrated work system in the IA and the insurance sector, in addition to enhancing cooperation among insurance professionals in the UAE and exchanging expertise to serve the best interest of the national insurance industry.

He added that the UAE insurance sector plays a vital role boosting the growth of national economy and providing protection to the society. "The amount of written premiums for all insurance classes in the UAE increased last year to AED33.5 billion, with a growth rate of 13.5% compared to 2013.  At the same time, the amount of funds invested in the sector increased to AED39 billion, with a growth rate of 3.2%, while the rights of shareholders of national insurance companies increased to AED19.8 billion, with a growth rate of 13.1%", he explained.

He pointed out that such indicators and others confirm the growing role of insurance in the national economy structure and the insurance sector’s increasing contribution in the UAE general domestic product.

Mr. Al Zaabi asserted that the IA will continue boosting its approach of dialogue and exchange of views and ideas with the partners and customers of companies and insurance-related professions regarding everything that leads to the development of insurance sector, as well as enhancing fair and effective competition towards the provision of the best insurance services with the objective of protecting the national economy and boosting its growth and development.

He said: “We, in the IA, are dedicated to cooperate with partners and customers and we seek to meet their needs by listening to their views and development suggestions to ensure service improvement and optimal achievement of the federal government’s strategy and the UAE Vision to be one of the advanced countries worldwide by 2021”.

He commended the role of companies, insurance-related professions and strategic partners in achieving the leading vision of the IA and their cooperation to realize the strategic objectives and develop the UAE insurance sector according to the best international practices and in a manner that rises up to the leading role of the national economy and the advanced competitive level of the UAE worldwide.

The attendants of partners and customers appreciated the IA for taking the initiative of holding this forum which is a true translation of its approach boosting partnership between the public and private sectors in the UAE.

The attendants commended the results of the meeting which bonded the relationship between the IA, partners, and customers, contributed to exchange of experiences, and expanded the base of cooperation among insurance professionals in the UAE. The affirmed the importance of holding such forums regularly to address topics that improve the competitiveness level of the UAE insurance sector and boost its international standing.

They also commended the practical steps taken by the IA recently whether at the level of legislation or transforming its services to the companies into  smart services, which contributed in saving the time and efforts for the company and they boosted the performance of the UAE insurance market in general.

The annual report on the insurance sector activity for 2014 issued by the IA affirmed that the UAE economy is stable as a result of the wise policy adopted by the UAE diversifying national income sources.

The development of the economic, construction, and social activity in the UAE reflected on the insurance sector. Premiums recorded in property insurance and liability insurance classes increased to AED24.9 billion during 2014 with a growth rate of 10.6 percent than 2013 where they recorded AED22.5 billion.

The report showed that the written premiums for the insurance of persons and funds accumulation operations amounted to AED8.6 billion while the written premiums for property and liability insurance classes amounted to AED24.9 billion.

The number of companies registered in the IA records amounted to 60 insurance companies by the end of 2014, including 34 national insurance companies and 26 foreign insurance companies. The number of insurance agents amounted to 21 agents. The number of insurance brokers amounted to 164, including 159 national brokers and 5 foreign brokers. The number of insurance consultants amounted to 22 consultants.  The number of loss adjusters and surveyors amounted to 72 experts and the number of mathematicians amounted to 43 experts, while the number of health insurance claim companies amounted to 22 companies.

 

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