UAE – AED 40 billion investments in insurance sector in 2014
Tuesday, 05 05 2015, Category: Insurance and Reinsurance, Country: U.A.E
His Excellency Sultan Bin Saeed Al Mansoori, Minister of Economy, and Chairman of the Insurance Authority confirmed that the investments of the insurance sector increased by 10% during the year 2014 reaching AED 40 billion compared to AED 37.8 billion in year 2013 according to the preliminary numbers of the Insurance Authority.
Al Mansoori said in his statements to “Al-Ittihad” on the insurance sector that the value of the investments are expected to increase by 10% in year 2015 exceeding AED 44 billion for the first time in the history of the sector.
Al Mansoori also revealed that the Authority is in the process of amending the law No 6 of year 2007 on the establishment of the Insurance Authority and its operations in order to speed the treatment of files and speed the settlement of claims, as well as to strengthen the claim litigation arbitration at the authority and offer incentives for personal lines and life insurance which play a vital role in the accumulation of long term savings and thus investments.
Source: Al Ittihad