Insurance regulators discuss ways of countering COVID-19 impact
Source: Middle East Insurance Review | May 2020
The Arab Union of Insurance Regulatory Commissions (AUIRC) president Ebrahim Obaid Al Zaabi held an e-meeting with the presidents of the Arab authorities overseeing the insurance activities of the union’s members to discuss their measures and challenges of managing the implications of COVID-19.
These efforts are part of the initiatives of the AUIRC’s general secretariat to reinforce the capacities of the Arab insurance industry to face various challenges, such as the risks posed by viruses and communicable diseases.
During the meeting, many ideas were raised on how to support the joint efforts of Arab insurance supervisory authorities to contain the deadly coronavirus outbreak and mitigate its health and economic implications.
Mr Al Zaabi, who is also the director general of the UAE Insurance Authority, highlighted the importance of promoting cooperation between Arab insurance authorities in limiting the spread of COVID-19 and the necessity of drafting initiatives and proactive plans.
In addition, he stressed the importance of rapid action, providing incentive packages and taking decisions that will help overcome current and future challenges facing Arab markets due to the spread of the coronavirus.
Mr Al Zaabi also affirmed the importance of coordinating and exchanging knowledge and suggestions to help overcome the social and economic challenges facing Arab insurance markets. M