Insurance Authority Launches its Strategic Plan 2017-2021
Abu Dhabi, 22 May 2017
The Insurance Authority has launched its Strategic Plan 2017-2021, which coincides with its 10th anniversary this year.
H.E. Sultan bin Saeed Al Mansouri, Minister of Economy, Chairman of the Insurance Authority and H.E. Ibrahim Obaid Al Zaabi, Director General of the Authority, launched the strategic plan in the presence of a number of officials, representatives of the insurance sector, strategic partners and the media.
Based on the Authority's keenness to spread insurance awareness to all customers, two cartoon characters, Saqer-Ghanem, were launched to help spread insurance awareness and strengthen customers' understanding of their rights and obligations as policyholders.
The ceremony started with the national anthem of the UAE and a speech delivered by H.E. Ibrahim Obaid Al Zaabi, the Insurance Authority Director on behalf of H.E.Sultan Bin Saeed Al Mansouri, Minister of Economy and Chairman of the Insurance Authority; during which he welcomed the attendees and praised the efforts of partners and customers and their cooperation with the Authority to promote the insurance sector, which is one of the most vital sectors in the national economy and community development.
In his speech, H.E. Ibrahim Obaid Al Zaabi affirmed that the launch of the new strategic plan comes in response to the vision of the wise leadership of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to enhance the UAE's position globally, promote the economic diversification and develop the competitive performance of government work.
He explained that this plan is a future path for the development of the insurance Authority and the sector in the UAE in line with the vision of the UAE 2021, the objectives of the National Agenda and the strategic approaches and priorities of the Federal Government.
The strategic plan seeks to ensure the continuity of the growth of the insurance sector and enhance its contribution to the GDP, enhance the competitiveness of the UAE insurance market, modernize legislation, motivate UAE nationals' participation and enhance their professional capabilities.
The Authority has adopted a number of key strategic approaches, which are based on encouraging innovation, achieving happiness, shaping the future, Emiratization, providing social and economic protection and smart transformation.
The plan includes executive steps and qualitative initiatives that convert visions into tangible results on reality.
These steps highlighted the creation of alternative means to resolve insurance disputes, strengthen the regulatory framework of the market, and establish teams of happiness, innovation and social responsibility. In addition to, launching "Maharati" initiative "My Skills" to train and qualify UAE Nationals in collaboration with a specialized international institute.
At the same time, the Authority has adopted several sub-parallel strategies, including the Communication Strategy 2017-2021 as well as the Digital and Financial Strategy, which are essential for achieving the vision of the Insurance Authority and deliver its message and effective role in developing the insurance sector and supporting the national economy.
H.E. Ibrahim Obaid Al Zaabi pointed out that the launch of the Insurance Authority Strategic plan coincidence with the celebration of the 10th anniversary of its establishment, during which it has made many achievements in achieving its vision of being a pioneer in the development and organization of the insurance sector and promoting its standards to compete globally.
In this regard, he referred to the reports and studies of the UAE market, which assure its regional leadership and advanced international position. In addition to the UAE's solutions being in the top ten markets globally on the index of "growth in premiums". "The UAE market is ranked sixth in the world in terms of (the lowest risk), as reported by Ernst & Young and the Oxford Economics Foundation last year", said H. E. Ibrahim Obaid Al Zaabi.
The UAE's insurance market is the largest GCC market, accounting for 41% of the market in the region. The UAE is also the world's first in the Islamic banking and Takaful regulatory initiatives.
The figures and data for the years 2007-2016 show the level of development achieved by the Authority and the insurance sector in the United Arab Emirates. Total written premiums grew at an annual rate of 12 % to reach AED 40 billion in 2016.
The per capita premium in the UAE market has increased by 146 % to reach $ 185 and $ 185 in 2016, exceeding the global average of $ 635.
The Total assets of insurance companies grew at an annual rate of 10 % to reach about AED 74 billion, while the annual growth rate of insurance companies increased by 9 % to reach AED 46 billion in 2016.
The contribution of the insurance sector to GDP increased from 1.9 % 2007 to 2.35% in 2015. This growth is expected to continue in 2016 and 2017 due to the vital role of the insurance sector in the national economy.
HE Ibrahim Obaid Al Zaabi said: "The challenges of the next phase are great and this requires more work and innovation to develop the competitiveness of the local market and reflect the leadership's vision for global leadership." said H.E. Ibrahim Obaid Al Zaabi
At the end of the ceremony, HE Ibrahim Obaid Al Zaabi honored the strategic partners of the Authority.