For the second consecutive session
The International Association of Insurance Supervisors (IAIS) have elected H.E. Ebrahim Obaid Al Zaabi, Director General of the UAE Insurance Authority, as a member of the IAIS Executive Committee
In November 2017, The International Association of Insurance Supervisors (IAIS) has elected H.E. Ibrahim Al Zaabi, Director General of the Insurance Authority, as a member of its Executive Committee for the second consecutive session during its meeting held in Malaysia.
H.E. Ebrahim Al Zaabi has represented the UAE and the region in the Executive Committee of The International Association of Insurance Supervisors (IAIS) for the past two years. His election was a result of his positive contribution to enrich the work of the Executive Committee. This contribution had a great influence in his re-election for the coming two years. The efforts exerted in organizing and developing the Insurance sector in UAE and the promoting its standards has a great impact to receive the vote of confidence and renewal of the membership , which maintains the first ranking of the insurance market in the country on the level of insurance markets in the Arab countries and North Africa (MENA) in 2016.
In the same context, Al Zaabi will continue working to enhance the position of the UAE insurance market on the international market level, promote the UAE as a regional and global insurance center, as well as enhancing the cooperation between the UAE Insurance Authority and the international community on one hand and its counterparts in the world on the other hand. He will also continue adopting the innovation approach to implement the best global practices in the insurance sector.
It is worth mentioning that The International Association of Insurance Supervisors (IAIS) was established in 1994 as an international organization with membership of 210 supervisory and regulatory bodies from 144 countries. The insurance written premiums by its member countries account for 100% of the total premiums volume worldwide. The International Association of Insurance Supervisors (IAIS) located in Basel, Switzerland is aiming to strengthen the supervision and upgrading of the control methods in the insurance markets worldwide, as well as contributing to the global financial stability. The Executive Committee is the highest committee at the level of the International Association where it issues the Strategic and technical decisions to develop the principles and mechanisms of supervision and control of insurance in the insurance markets in the world.
The Insurance Authority seeks to maintain its leading position in the development and organization of the insurance sector in the UAE and to improve its standards to compete globally by enhancing the market performance and its regulatory and legal capabilities, increasing growth rates in all aspects and increasing the volume of insurance premiums, thus increasing the contribution of the insurance sector to the GDP and enhancing the approach to economic diversification and support sustainable growth of the State.