UAE – AED 134 m “Corona” claims were paid by insurers
Wednesday, 09 02 2020, Category: Insurance and Reinsurance, Country: U.A.E
Ibrahim Obaid Al Zaabi, Director General of the UAE Insurance Authority, said that insurance companies in the country had paid claims related to the emerging coronavirus (Covid-19) worth 134 million dirhams by the end of July 2020.
According to a press release in his opening speech today, Tuesday, during the virtual forum for exploring the future of the insurance sector after the Covid-19 crisis, Al-Zaabi added that the importance of the insurance sector appeared as a tool to transfer risks during the Corona crisis, especially in the health insurance branch..
He stressed that the insurance sector in the country plays a vital role in ensuring individuals and properties against various risks, as it continues to grow and develop, bringing the total written premiums to 44 billion dirhams and the volume of investments about 69 billion until the end of 2019.
He explained that the current stage is an appropriate opportunity for all insurance companies to restructure them and enter into direct alliances to ensure their continuity and competitiveness in the market.
He pointed out that the Insurance Authority worked to ensure the continuity of doing business at the sector level and work to reduce the repercussions, by launching a number of stimulus packages, stressing that the activation of the emergency and crisis plan by the Authority and insurance companies contributed to reducing the repercussions of the crisis on the sector.
Ibrahim Al-Zaabi stressed that organizing this virtual forum comes as an initiative by the Insurance Authority to embody the efforts of the UAE in the field of anticipating and preparing for the future, and to translate directives to face all challenges through scientific methods and advanced and modern plans. Future analysis, implications, and solution development.