The Insurance Authority said that UAE insurance market is saturated to certain extent and that the decision of granting new licenses for new insurance companies and brokers is suspended for an indefinite time, drawing the attention that companies which will entertain preferential chances to enter the market are those ones forming qualitative addition to the insurance industry in UAE as to products and standard of services.
In detail, H.E. Fatima Mohammed Ishaq Al Awadi, Deputy Director General of the Insurance Authority said, “The decision of granting new licensing to new insurance and brokers companies is suspended for an indefinite time” assuring that the new resolutions in this respect will be organizational in order to arrive at the best international standards.”
She added, “The Insurance Authority will seriously consider the matter if there is any indicator of the importance of entering new insurance companies or insurance brokers into the market”, indicating that the companies entertaining preferential chances to enter UAE market are those ones forming qualitative addition to UAE insurance industry whether as to the products they are offering or as to standards of their services.
Al Awadi indicated, “UAE insurance market reached the stage of saturation to certain extent at present”, drawing the attention that the Insurance Authority is closely following up developments of the market and extent of its need for new companies.
She assured, “UAE insurance sector forms one of the most important economic sectors of the State considering the size of the underwritten premiums and the sector’s activity in general.”
According to the Insurance Authority’s figures there are 58 national and foreign insurance companies operating in UAE market in addition to 166 brokers.