"The conference is considered an achievement for the UAE and a proof of its leading position in the World's markets.", said Al Mansoori.
Abu Dhabi, April 2017
The UAE has won the opportunity of hosting the 17th annual conference of the International Association of Insurance Supervisors, which will be held in Abu Dhabi in 2019.
This achievement was due to the success of the Insurance Authority in introducing a strong file about the UAE and the development witnessed by the insurance sector, as well as the development of infrastructure, services sector and tourism facilities.
The hosting file, presented by the Insurance Authority, included all the details about the Authority's vision of the annual conference of the International Association of Insurance Supervisors (IAIS) scheduled to be held in Abu Dhabi 2019. It included also the developed topics and plans and the event's promotional campaigns, as well as the logistics and tourist services and infrastructure allocated by the UAE for hosting global events.
His Excellency Engineer Sultan Bin Saeed Al Mansoori, the UAE Minister of Economy and Chairman of Insurance Authority, said that the winning of the UAE is considered a new achievement and another proof of the great position occupied by the country globally under the wise leadership and vision of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates and the directions of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of UAE and Ruler of Dubai.
Al Mansoori assured that the annual conference of the International Association of Insurance Supervisors (IAIS) is a big international event and a special opportunity for insurance supervisors in more than 200 supervisory entities from all over the world in order to exchange expertise and the best global practices. Thus maintaining a safe and effective environment for insurance markets, protecting the insurance policy holders and participating in the global financial stability.
His Excellency indicated that through the Insurance Authority, the UAE is considered an effective player in the IAIS since 2010, and it is the organization that comprises members of (200) supervisory entities in (140) countries across the world. Its premiums are estimated to be about (97 percent) of total premiums across the world.
"The winning of the UAE file, presented by the Insurance Authority, is a true indicator of the successes achieved by the country in hosting and organizing many global conferences and platforms, which participate in developing and enhancing the country's position on the world map." said His Excellency.
His Excellency assured that this big global event hosted by the UAE is a proof of the advanced position of the local insurance market both regionally and globally and an evidence of the huge development witnessed by the UAE insurance sector through the last years.
He also mentioned that as per a report issued by international specialised institutions, the UAE is now among the top ten countries across the world concerning the achievement of "big growth in premiums", whereas the insurance sector become the best of all regionally in relation to calculation of opportunities and risks.
He added that the UAE insurance market is the largest Arab insurance market since it ranks first amongst the Arab markets in terms of underwriting premiums within the last ten years. It also acquires 40% of the underwriting premiums in the Gulf market. The technical, financial and legal cadres working in the UAE market is the best at the level of Arab insurance markets.
His Excellency indicated that the underwriting premiums in the UAE national and foreign insurance companies registered in the Insurance Authority increased by 275% during 2006-2007 reaching 40 billion dirhams. The total company assets increased by 231% reaching 74 billion dirhams, while the investments of insurance companies increased by 200% reaching 46 billion dirhams. The UAE individual share of premiums increased by 146%, reaching 1185 dollars by 2016 and exceeding the global average of 635 dollars by 87%.
He added that the UAE achieved a global high rank among the highest spread level of insurance services in the emerging markets, since the total premiums reached 2.35% of the UAE gross domestic product in 2015. He remarked that there is a continued growth in the insurance sector contribution to the gross domestic product during 2016 due to the vital role of this sector in the national economy.
He confirmed that the Insurance Authority has comprehensive strategic plans and ambitious programs to develop the insurance sector in the UAE, demonstrating that the regulatory legislations and laws passed by the Authority contributed to achieving a remarkable shift in this sector at all levels and confronting the economic and financial challenges of the regional and global markets.
He added that the Insurance Authority seeks to be a leading authority in developing, organizing and elevating the insurance sector standards to be eligible to compete globally, by improving the market performance, enhancing its organizational and legal potentials, increasing the growth rates in all aspects and increasing the volume of insurance premiums, which leads to the increase of insurance share in the domestic product, enhancement of economic diversity approach and support of sustainable development in the UAE.
The number of insurance companies in the UAE is 61 insurance companies including 34 national companies and 27 foreign companies, whereas the number of insurance-linked companies and professions is 495 companies and professions.
As part of the early preparations of this great event, the Insurance Authority formed an internal executive committee to put forward the strategy, plans, needs and requirements needed for the hosting.