The first nine of months of the new UAE operations of Mediterranean & Gulf Insurance & Reinsurance Company (Medgulf) were very promising as the company exceeded its targets and expects to make a great impact in the coming years, said Mr Shadi Al-Mahameed, General Manager, Medgulf UAE, at the insurer's official launch event in Dubai on 8 October 2017.
The single-line medical insurer started offering products at the beginning of the year and saw its premium income growing to more than AED100 million (US$27.2 million), with over 24,000 persons insured and around 130 contracts issued. “It’s no small feat for Medgulf to show a strong presence in a brief period of time,” Mr Al-Mahameed said.
Medgulf UAE achieved these results by taking advantage of technology to meet the demands of its clientele and brokerage network with the goal of being responsive to the market.
Mr Mohamad Bashar El-Zein, Group CEO, Medgulf, noted that launching the UAE operations is a noteworthy milestone as this has been the group's goal for several years. He said that the UAE operations have proven to be efficient and exceeded the goals for the year, three months ahead of the yearend.
Mr Al-Mahameed said that Medgulf is keen on becoming one of the key players in the UAE. The next goal is to become accredited as one of the Dubai Health Authority participating insurers (PIs). “Our ambition is to serve all kinds of policyholders ranging from blue-collar workers to executives.”
After completing its first year, the company plans to apply for a general insurance licence. “We are doing our best to meet all the necessary requirements to become a PI and receive the general insurance licence. Hopefully something will materialise by the first quarter of next year,” he said.
Medgulf UAE started operations at the beginning of 2017 from its headquarters in Dubai and its branch in Abu Dhabi.