The Insurance Authority has launched a new awareness campaign yesterday (Sunday) in Yas Mall, Abu Dhabi to raise the awareness of policyholders, partners, customers and the public in general about their insurance rights and obligations before purchasing insurance policies, and to brief them about the services and business of the authority.
H.E. Ebrahim Obaid Al Zaabi, Director General of U.A.E. Insurance Authority (IA), explained that the awareness campaign in Yas Mall is part of the Authority’s vision to enhance its competitiveness in the local insurance market by coping with international standards. The Authority provides insurance protection for policyholders and beneficiaries by acquainting them with their insurance rights and obligations, as well as the concept, principles and characteristics of insurance, to protect the interests of insurance companies and professionals.
He also added that such Campaign supports the Authority’s efforts through improving insurance awareness in the UAE community in accordance with the targets and duties of the Authority under Federal Law No. (6) of the Year 2007. These targets and duties include: the organization and development of the insurance sector in the UAE; the supervision and monitoring of the insurance industry to ensure compliance with applicable laws, sufficient financial solvency, fair competition, and protection of policyholders’ rights in the UAE; and increasing community involvement in various initiatives and activities of the Authority.
Mr. Al Zaabi has announced that the Authority is aiming to extend the awareness campaign during this year by including other emirates. He pointed out that through such initiatives, the Authority delivers planned and well-considered information pursuant to the Law establishing the Insurance Authority and the regulations and orders thereof.
He added that the Campaign is part of the awareness initiatives organized by the Authority in 2016. The previous campaigns have launched different awareness programs in multimedia, where social media and specialized exhibits in the UAE were involved.
The Authority is currently performing several awareness campaigns in the UAE, in addition to promotional and briefing campaigns to introduce the services and activities of the Authority including the production and display of educational films on media, distribution of educational flyers to policyholders and the public, organizing workshops and conducting interviews with officials in the government, and private and public sectors.
The Awareness Campaign in Yas Mall focuses on organizing many educational initiatives and programs such as “Know your Insurance Policy”, “Get High Quality Insurance Service, not Low Prices”, “Know Your Rights and Obligations”, “General Guidelines for Vehicular Insurance Policyholders” (We Improve For Your Service) in addition to an educational book about the insurance.
During the campaign, educational publications and flyers will be distributed, encouraging policyholders and the public to adhere to the best insurance practices regarding their rights and obligations under insurance policies. This will enhance and improve the awareness of policyholders and the public and protect their interests while maintaining the rights and interests of insurance companies and professionals.
The Awareness Campaign (Know Your Insurance Policy) advises insurance policyholders and beneficiaries to read the detailed terms and conditions of the policy and acknowledge their rights and obligations before signing or purchasing the insurance policy, and to ensure they have proper insurance coverage against all potential risks at reasonable prices. The initiative also includes the most important articles that the Policyholder must be aware of, such as the scope of insurance coverage, the covered and excluded risks under the policy, the amount of compensation in case of loss, the eligible cases for compensation, the ratios in loss and damage, civil liability cases accepted in insurance coverage and compensation and adjustments, and general and special conditions contained in the policy.
The Awareness Campaign (Know Your Insurance Policy) urges the audience to search for quality and excellent service and not to depend on the lowest price to purchase insurance policies, taking into consideration that the benefit of the insurance policy is obtained upon the occurrence of the risk not when you purchase it.
The Awareness Campaign (Know your Rights and Obligations) includes a profile on the most important rules and instructions for policyholders, as to insure their rights and to know their obligations in dealing with insurance companies.
The Awareness Campaign (General Guidelines for Vehicular Insurance Policyholders) includes general recommendations for signing the insurance contract, and upon the occurrence of risks indicating the compensation rates, deductible rates, amortization rates and other helpful information in vehicular insurance.