UAE – Life insurer initiative with AED 1 billion capital
Saturday, 02 20 2016, Category: Insurance and Reinsurance, Country: U.A.E
The Insurance Authority revealed an initiative to create a specialized life insurance company with a capital of approximately AED 1 billion to which all national insurers will contribute. This was agreed upon during a meeting of the Authority with representatives of national companies last week. The Authority detailed during this meeting, on which “Al Ittihad” received information, all the characteristics of the new life company that has yet to be established. The company will constitute an insurance giant, which can compete and achieve large market shares in the local market.
The Authority clarified to executives of national insurance companies during a long meeting that their participation in the initiative of the Insurance Authority will relieve insurers which have both life & savings and property & liability lines from the administrative and financial burdens by setting up a separate life insurance company.
Source: Al Ittihad