UAE: Insurance Authority launches 2017-2021 strategic plan
Source: Middle East Insurance Review | Jul 2017
The UAE Insurance Authority (IA) has launched its 2017-2021 strategic plan at an event in Abu Dhabi in May, coinciding with the 10th anniversary of its establishment.
Mr Ebrahim Obaid Al Zaabi, IA’s Director General, in a speech delivered on behalf of Mr Sultan Bin Saeed Al Mansouri, Minister of Economy and Chairman of the IA, said that the new strategic plan seeks to ensure the continuity of the growth of the insurance sector, boost its contribution to the economy and competitiveness, modernise legislation and laws, increase the participation of citizens and enhance the sector’s professional capabilities.
The IA has also adopted several sub-parallel strategies, including a communication strategy as well as a digital and financial strategy.
The regulator launched two cartoon characters Sakr and Ghanim to help spread insurance awareness and strengthen customers’ understanding of their rights and obligations as policyholders.
Mr Al Zaabi pointed out that the UAE insurance market is the largest in the GCC, accounting for about 41% of the market in the region.
According to data for the years 2007-2016, total market premiums grew at an annual rate of 12% to exceed AED40 billion (US$10.9 billion) in 2016.
Total assets of insurers increased at an annual rate of 10% to the tune of about AED74 billion at the end of 2016.
The contribution of the insurance sector to the GDP expanded from 1.9% in 2007 to 2.35% in 2015 and forecasts show this contribution will increase because of the vital role of the insurance sector in the national economy. M
AED1 = US$0.27