Middle East News - UAE: Huge potential in aviation for local insurers - GCAA
Source: Middle East Insurance Review | Mar 2016
Local insurers in the UAE should be encouraged to underwrite aviation business, according to a study by the General Civil Aviation Authority (GCAA).
Mr Saif Al Suwaidi, GCAA Director General, said that the UAE civil aviation sector has been growing fast over the past several years, at an annual rate of 10-12%. Growth has been seen in the number of aircraft owned by local airlines, air traffic, and passenger numbers.
He added that there is potential for local insurers to enter the aviation sector, which currently is dominated by foreign insurers even though 98% of the investments in the sector is from the government. He indicated that discussions will be held with the UAE Insurance Authority to promote aviation insurance among local insurers.