UAE – Local reinsurance helps retain premiums
Monday, 11 20 2017, Category: Insurance and Reinsurance, Country: U.A.E
Mr. Ibrahim Obaid Al Zaabi, Director General of the Insurance Authority said that the Authority is currently preparing the legal and regulatory framework for reinsurance in the country including the licensing of reinsurers and the standards they should follow. Moreover, the Authority said it welcomes the creation of reinsurance companies that can cover the risks ceded by primary insurance companies in the country and the Gulf Cooperation Countries instead of ceding risks to the international reinsurance markets. This will help retain premiums inside the country, so Mr. Zaabi said that the Authority will offer help and will ease the process to that end.
Source: Economic Al Khaleej