UAE- Reduced demand for coverage in the engineering and marine insurance
Saturday, 12 26 2015, Category: Insurance and Reinsurance, Country: U.A.E
Studies revealed a shrinking demand for insurance coverage in several areas such as engineering and marine insurance, which caused a stiff competition between players on a global and regional level in nearly a year. Studies attributed the reason to the low level of investment in the sectors of infrastructure construction funded particularly from the public purse and the energy sector in all its forms resulting from the decline in oil prices. Nabil Ben Azzouz, senior manager - marine, energy & North Africa at Abu Dhabi National Insurance Company (ADNIC), informed «Al Roeya» that the geographical expansion of insurance companies increases the likelihood of achieving profits and limits their exposure to huge losses.
Source: Al Roeya