UAE – Insurance affected by oil price decreases and challenges
Friday, 01 08 2016, Category: Insurance and Reinsurance, Country: U.A.E
“Ernst & Young” confirmed that the insurance sector in the country started to be affected by the decrease in oil prices as well as economic challenges.
The changing regulatory landscape, increased competition, and the gradual implementation of laws were among the main topics in the business lunch organized by “Ernst & Young” lately in the presence of insurance companies and companies playing a leading role in the insurance market of the UAE.
Within this spirit, Mr. Sanjay Jain, Director, MENA Insurance Advisory Services at “Ernst & Young” said:
“The insurance sector in the UAE faces from some challenges currently. And the Insurance Authority issued new laws in January 2015 in order to regulate this sector. This created new challenges for the sector in the short term as insurance companies try to cope with the new laws. Although the new reforms caused trouble in the beginning, they were necessary for the long term interest of the sector”.
Source: Al Bayan - UAE