UAE – Insurance Authority consults national companies
Tuesday, 03 01 2016, Category: Insurance and Reinsurance, Country: U.A.E
His Excellency, Mr. Ibrahim Obaid Al Zaabi, Director General of the Insurance Authority (IA), had discussions with the general managers of licensed life insurance companies. Topics of discussion included areas of developing the performance of the local market, ways of moving the growth of the insurance sector forward and increasing its contribution to the Gross Domestic Product (GDP) of the State in light of the advanced performance of the national economy.
During the meeting, Mr. Al Zaabi reviewed the vision of the Insurance Authority to develop the insurance sector over the coming years, and explained how to overcome obstacles and challenges and ways to enhance the performance of national companies and enhance the growth of the sector and strengthen its competitiveness position according to best international standards and practices. These aspects were addressed through the discussion of several strategic initiatives, including the proposal to establish a major national company specialized in life insurance where all licensed national companies operating in the field of life insurance will contribute.
He confirmed that the Authority has been keen to translate the policy of the UAE prudent leadership in supporting national companies and enhancing their performance for the benefit of the economic development. He pointed out that constant communication between the Authority and the insurance companies operating in Abu Dhabi is critical and it is important to take companies' ideas and opinions into consideration in order to create updated legal systems and new functional mechanisms that contribute to the development of performance to both insurance companies and market.
The IA Director General also stressed that realizing the vision of the IA to upgrade the performance of the national companies and boost the competiveness of the sector and enhance its contribution to the UAE GDP mainly depends on cooperation by the companies, particularly the national companies.
He said: "We, in the IA, are keen to cooperate and consult with companies to develop their performance, increase their profits and realize the interests of the market, and the national economy as well."
Source: Insurance Authority - UAE