UAE: Insurance Authority mulling raising foreign ownership limit to 100%

Source: Middle East Insurance Review | Jun 2019

The UAE Insurance Authority (IA) is considering raising the limits on the foreign ownership of insurance companies from the current 49% to 100%, said media reports citing a senior official at the IA.

The reports added that the UAE’s proposed move follows that of many international markets which have loosened the restrictions on foreign ownership of insurers, as these markets target the growth potential of the insurance sector brought about by global insurers’ capital.

At present, foreign companies’ branches in the GCC region are fully owned by foreigners, according to the reports.

In addition, IA director general Ebrahim Obaid Al Zaabi said there are no current intentions by the authority to raise the capital requirements for the UAE’s insurers. He added that two state-run insurers are currently in talks and are expected to merge within this year.

Separately, Gulf News reported that the shares of Salama, Aman and Dar Al Takaful have surged based on rumours of a possible merger. But it was not immediately known which companies would be merged. M

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