MENA: Call for Arab insurance markets to establish specialised institutes to raise standards
Source: Middle East Insurance Review | Dec 2016
The Arab insurance industry needs to establish more specialised institutes and centres to raise technical standards in the region as it currently lacks competencies compared to international insurers operating in the region, according to Mr Ebrahim Obaid Al Zaabi, Director General of the UAE Insurance Authority.
Speaking recently at the semi-annual meeting in Muscat of the Arab Forum of Insurance Regulatory Commissions (AFIRC), Mr Al Zaabi who is also the forum’s Vice President, highlighted the need for specialised insurance training programmes and seminars as well, reported Al Watan.
He also outlined the need to establish technical committees specialised in the study of emerging issues and problems of the insurance industry in the Arab world, as well as to establish a consulting subsidiary of AFIRC specialising in providing technical, legal and investment advice to members.
Sheikh Abdullah bin Salem Al Salmi, Executive President of Oman’s Capital Market Authority (CMA) which hosted the meeting, told Muscat Daily before the meeting: “We are discussing common ideas and views on how to strengthen insurance markets in Arab countries. There are common challenges and issues faced by these insurance markets and this is a good opportunity for all of us to find new ways to develop the insurance sector in these countries.”
AFIRC, which was established in 2006 in Jordan, has 13 Arab countries as its members. Oman is one of the founding members. As many as 11 member countries participated in the Muscat meeting.