UAE: Plan for local insurers to play bigger role in aviation

Source: Middle East Insurance Review | Jan 2017

The UAE Insurance Authority plans to encourage local insurers to establish an “alliance” to provide insurance and reinsurance services to local aviation companies.

Mr Saif Al Suwaidi, Director General of the General Civil Aviation Authority, revealed this, adding that there are consultations between the insurance and civil aviation sectors on the matter, reported Al Khaleej.

He said that the General Civil Aviation Authority wants to strengthen the role of the UAE as a global centre for the aviation industry and ensure local insurers are capable of insuring the aviation sector.

He pointed out that the local insurance sector currently has a weak presence in the aviation market. One factor is the huge risk exposure involved. Therefore, foreign insurers with their larger capacity, are the primary players in the aviation business.

Comment | Print

Name*

Email*

Comment*

Code Verification*

Enter the code shown above in the box below.

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.