Dhabi, November 28, 2015
The International Association of Insurance Supervisors
(IAIS) selected H.E. Ibrahim Obaid Al Zaabi,
Director General of the Insurance Authority, for the membership of the IAIS Executive
It is the first time for the UAE to be selected for the
membership of the IAIS Executive Committee since it became a member of the IAIS
in 2010. The IAIS was founded in 1994 as
an international organization joining 200 oversight and regulatory entities
from 140 countries worldwide in its membership. Insurance premiums in those countries are
estimated at nearly 97% of the total premiums worldwide.
This selection represents a new achievement for the UAE in
the international forums and a recognition by the IAIS of the international
position of the UAE at the global level and its leading role in the global
economy in general and the regional and international insurance markets in
particular, especially that the UAE continuous success in attaining top ranks
in the international competitiveness reports and in entrepreneurship, in addition to
the increasing development experienced in the UAE insurance market, as one of
the biggest insurance markets at the GCC and Arab levels in terms of the volume
of business by accounting more than 44% of the region’s market volume.
Mr. Al Zaabi will represent the UAE and the region in the
IAIS Executive Committee, and through his participation, will seek to boost the
position of the UAE insurance market at the level of global markets and promote
the UAE as a regional and international hub, in addition to enhance cooperation
ties between the UAE Insurance Authority and the IAIS on the one hand and its
counterparts worldwide on the other hand.
The UAE, represented by the IA, is an active member in the
IAIS which aims at achieving collaboration between member bodies to attain the highest supervisory and
regulatory levels in the insurance industry at the local and international
levels in order to maintain the efficiency, integrity, fairness and stability
of the insurance markets with the ultimate objective of protecting the rights
of policyholders and consolidating the efforts to achieve effective supervisory
levels through exchange of information and special expertise in order to
improve the supervisory approaches in the markets worldwide and achieve the
safety and stability of the international financial markets.
The IA seeks to become a leading authority in the area of promoting
and regulating the insurance sector as well as enhancing its standards so that
it can compete globally, by developing the market performance, furthering its
regulatory and legal capacities, improving growth rates in all aspects, and
increasing the volume of insurance premiums towards increasing the insurance
share in the GDP of the UAE, and supporting the economic diversity approach and
sustainable growth in the State.
Over the past years, the IA has issued many regulations and
legislations which strongly promote the organization and development of the
insurance sector in the UAE towards more competitive international horizons. Such regulations included the financial
instructions to regulate the financial, investment, technical and accounting
activities of the insurance companies.
The issuance of these instructions also gave the UAE precedence at the
level of the Middle East in adopting the latest solvency measurement
requirements. Accordingly, this
contributed to raise the credit rating of the UAE companies and enhance the
positive outlook of the UAE by the international rating agencies and the
international financial and investment institutions.