The final communiqué
The International Motor Insurance Conference
Abu Dhabi, Nov. 28’2016
Under the kind auspices of HH Lieutenant General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, the UAE Insurance Authority (IA) organized the International Motor Insurance Conference - under the theme of “New Insurance Concept for Better Future” - on Nov. 28’2016 at Jumeirah Etihad Towers Hotel in Abu Dhabi.
Participants in the Conference included officials from the UAE, regional, and international governmental relative entities, insurance supervisory and control organizations, CEO’s of insurance associations, professional federations, and presidents and chief officers of insurance companies and related professions and universities, besides international experts in the field, insurance-related institutes, and the insured corporates and individuals, as well as the general audience.
HE Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of the Insurance Authority (IA), inaugurated the Conference and stressed its significance and necessity to help harness the modern and state-of-the-art methodologies and technical mechanism vital for the takeoff towards the development of the insurance industry in general and the global motor insurance sector in particular.
The Conference aimed at enhancing the role played by the insurance industry within the economic system - as it boosts the gross domestic product (GDP) of any country, and founding a global orientation to improve the insurance industry – specifically the motor insurance legal and technical aspects. It also targeted the launching of an international platform for the exchange of skills, know-hows, and expertise between the key persons and experts of the industry, besides formulating a new concept for motor insurance to develop that sector in the region and the world. The Conference highlighted the importance of raising the levels of awareness of the policy holders and the general audience to supplement their confidence in insurance indispensable role in supporting economies and developing the societies.
The Conference discussed, through its four sessions, several issues and topics related to the insurance sector in the UAE, the region, and the world; they included:
- The UAE motor insurance experience
- The UAE system of consolidating the motor insurance policies under a novel slogan: “Two new policies with extra benefits”.
- The motor insurance role in mitigating the road traffic accidents
- Reviewing the outstanding Arab experiences in developing the motor insurance sector (in Oman, Morocco, Tunis, and Jordan)
- Reviewing some of the international experiences in the same field in (the UK, Ireland, and Singapore).
Organizing the International Motor Insurance Conference comes is a true expression of the UAE government’s eagerness, represented by the Insurance Authority (IA), to increase the contribution of insurance in the national economy cycle, and to improve the local insurance industry to reach the competitive global levels.
It also comes as a complement to the efforts exerted by the IA to develop the insurance industry in the UAE, and the motor insurance sector in particular, through contributing to the development of the legislations, laws, and standards regulating the industry. The IA efforts were rounded off with the issuance of the consolidation system of the motor insurance policies, which includes a consolidated policy for motor insurance against civil liability, and a consolidated policy for motor insurance against loss and damage – both shall be applicable by Sept. ‘2017.
The Conference speakers, instructors and partakers issued their recommendations at the final session of the Conference, which they believe are critical for motor insurance industry development - they included:
1. Enhancing the collaboration between the insurance controlling and supervisory bodies, and amongst the regional and international associations, federations, and institutions to overcome the common challenges and thrust up the ratio of insurance contribution in the GDP of many countries.
2. Appreciating the efforts exerted by the UAE-IA to develop the motor insurance sector, which culminated in the motor insurance policies’ consolidation system that included a consolidated policy for motor insurance against civil liability, and another against motor vehicle loss and damage.
3. Calling the insurance companies to follow strategies, policies, and measures that would add value to insurance services, and enhance market attractiveness so as to grasp the interests of the ecosystem of policy holders, corporates, individuals, and the national economy in general.
4. Calling the companies to follow the rigorous technical underwriting criteria and pricing rules in alignment with the legal frameworks issued by the IA.
5. Calling the companies (insurance and re-insurance) to continue academically and professionally qualifying and developing their cadres’ career levels to match the local, regional, and international accelerated insurance demands.
6. Calling the companies to continue developing their products to comply with the rising requirements and financial capabilities of the policy holders and prospective clients.
7. Enhancing insurance awareness and culture for the interest of the total ecosystem
8. Calling all concerned to continue holding such conference and events as they contribute to physical advancement of the insurance industry on the local, regional, and global levels.
At the conclusion of the International Motor Insurance Conference, the participants extend their thanks and due appreciation to the United Arab Emirates represented by the UAE Insurance Authority for the true efforts it exerts to develop the global insurance industry, and to HH Lieutenant General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior for his kind patronage of the Conference.
The participants would like to extend their deep-hearted felicitations to the people of the UAE and their wise leaders on the occasion of the UAE 45th National Day; wishing them steady progress and permanent prosperity.
Assalmu Alaikum - peace and blessings from Allah to you all.
Abu Dhabi – Nov. 28’2016