Wednesday, May 28, 2014
Whilst aiming to introduce a competitive business environment and boost awareness across economic events...
The Insurance Authority is showcased at the 15th GCC Exhibition in Sharjah
Abu Dhabi on May 28, 2014
The Insurance Authority (IA) showcased at the 15th GCC Exhibition at the Expo Centre in Sharjah today. The exhibition was held under the patronage of His Highness Sheikh Dr. Sultan bin Muhammad Al-Qasimi, member of the Supreme Council of the United Arab Emirates and current Ruler of the Sharjah emirate.
H. E. Ebrahim Obaid Al Zaabi, Director General of the Insurance Authority, said that the IA was taking part in this exhibition (which was organized by the Ministry of Economy) out of its commitment to being present at important functions and taking part in events that support the UAE's vision of boosting cooperation between the GCC states. This is especially important at the economic level, as co-operation achieves the integrity desired and services the interests of the GCC’s states and people.
He pointed out that the IA aims to inform the GCC’s economic, commercial, and investment businesses and other international visitors of the competitive insurance environment in the UAE. The IA looks to highlight the role of the insurance sector in supporting the UAE’s development projects. In addition, the IA can shed light on the massive development that has been achieved by the Emirati insurance market, which tops the list of GCC and Arab insurance markets and occupies a very high ranking in the MENA region in terms of the number of insurance premiums written.
Al-Zaabi asserted the IA's dedication to attending specialized exhibitions and promoting the investment opportunities available in the various insurance products presented by the Emirati economy. He claimed that the Emirati economy is founded on diversity, and has witnessed an increasing role for the non-oil production sectors. This diversification has contributed to expanding the role of the UAE’s insurance sector regionally and has improved its international competitive edge.
Al-Zaabi claimed that the IA seeks to benefit from the forums enabled by exhibitions and specialized events, and aims to boost awareness and develop the insurance culture of policyholders and entrepreneurs representing economic, commercial, and investment enterprises operating in the local market.
Al Zaabi commended the advanced level of the 15th GCC Exhibition, as well as its organization and participants. He noted that the organization of exhibitions in the UAE adds value to GCC exhibitions, in view of the specific development seen by the UAE's economy and its progressive growth (especially in the non-oil sectors). Additionally, the UAE maintains a significant ability and has advanced experience in organizing successful exhibitions, making it a global hub for the exhibition industry.
At the 15th GCC Exhibition, the IA’s pavilion received a high turnout from Emirati, GCC, and international economic and investment businesses, all of which commended the qualitative achievements and successes made by the IA whilst regulating the insurance market and developing the UAE’s insurance sector. Attendants noted that the efforts made in various areas have resulted in the insurance sector’s very prestigious ranking at the regional level.
On the occasion of participating in the 15th GCC Exhibition, the IA has implemented an insurance awareness campaign. The campaign targets economic and investment businesses, policyholders, and the public, and includes an introduction on the IA, the UAE’s insurance sector, and the development and awareness programs initiated by the IA to achieve its objectives and functions.
The awareness and educational campaign focuses on many initiatives and awareness and educational programs which were introduced and implemented by the IA within the past two years. The initiatives described include "Read your Insurance Policy", "Ensuring Excellent Insurance Service", "Read your Rights and Duties", "Guidelines for the Motor Insurance Policyholders", and "We rise to Serve you", in addition to an educational manual about the concept of insurance.
The awareness initiative entitled "Read your Insurance Policy" focuses on informing the policyholders and policy beneficiaries of the importance of reading the details and conditions of an insurance policy. One must also be aware of their rights and obligations before signing and buying the policy, and must recognize the importance of getting insurance coverage for all potential risks at reasonable prices. The campaign introduces the key terms that should be known by the policyholder, namely, the scope of insurance coverage, risks covered by the policy, excluded risks, value of compensation in the case of loss, cases of compensation, settlement, contingent rates in loss and damage cases, civil liability, cases excluded from insurance coverage, compensations, settlements, and familiarity with the general and special terms listed in the policy.
The awareness initiative "Excellent Insurance Service" focuses on encouraging the public to seek quality and excellent service and not just settle for the lower prices as the sole criteria when buying an insurance policy. Furthermore, it explains that the advantage of insurance as a commodity is its benefits whenever a risk occurs, not the benefits active when buying it.
The awareness initiative entitled "Read your Rights and Duties" includes an overview of the rules and instructions important to the policyholders. It explains the importance of ensuring their rights and being familiar with their duties when dealing with insurance companies, by focusing on the instructions issued by the IA on the rules of professional practice and the ethics of the profession (all of which should be observed by insurance companies practicing in the UAE). Specifically, the rules related to services, prices, and insurance applications are described. The initiative also describes the rules on developing insurance policies, the procedure one must follow when dealing with customer claims customers or complaints records.
The awareness initiative entitled "Guidelines for the motor insurance policyholders" includes general advice regarding the conclusion of an insurance contract and when risks occur, whilst emphasizing the compensation rates applicable when risk occurs. It also highlights the deductibles, depreciation rates, and other information useful in the area of motor insurance.