UAE – Difficulties in creating national reinsurers
Monday, 11 27 2017, Category: Insurance and Reinsurance, Country: U.A.E
Mr. Bassam Chilmeran, the Chief Executive Officer of Al Wathba National Insurance Company and head of the reinsurance committee of the Emirates Insurance Association said that the project of creating a national reinsurance committee in the UAE, which was proposed on many occasions and was also studied did not materialize because it is not economically feasible according to the studies completed. Moreover, insurance companies did not adopt the project and refrained from contributing to its shareholder base.
Moreover, Mr. Chilmeran clarified in press releases that the project of creating a gulf reinsurance company was not adopted despite the numerous discussions and meetings within the scope of the Gulf Cooperation Council.
Source: Al Bayan