Magazine

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Nov 2020

Country Profile


United Arab Emirates

Sailing in rough waters

The UAE insurance sector is expected to weather the COVID-19 storm this year despite the economic contraction, which is creating a deeper impact than earlier projected. Insurers need to brace themselves for possible complications in the coming year. 
 

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Life to achieve deeper penetration

The pandemic, along with new market regulations introduced this year, is expected to put a strain on the growth of life insurance business in the UAE, but there remains great potential in the long run.  
 

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COVID-19 and health insurers

The importance of health insurance is growing significantly on the back of the pandemic, but rates and terms are subject to profound changes as players need to reassess their strategies. 
 

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Finding opportunities in a time of crisis

It remains early to assess the full-scale impact of COVID-19 yet there are lessons to be learnt and prospects opening up for the sector in the future, says Daman CEO Hamad Al Mehyas. 
 

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Market remains resilient despite headwinds

The UAE market is expected to post solid 2020 underwriting results despite the economic challenges brought on by the pandemic, says Mr Algirdas Karvelis of AM Best. 
 

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In a state of regulatory flux

Mr Anand Singh of BSA discusses the two market-changing directives that hit the UAE insurance sector this year – BOD-49 and electronic insurance regulations. 
 

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The test of leadership

The COVID-19 pandemic and the ensuing economic crisis have created a most formidable disruption for businesses. We look at how insurance leaders in the UAE can chart a course for their organisations and guide their teams through tumultuous times. 
 

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