UAE insurance premiums to increase this year

Abu Dhabi : Insurance premiums in the UAE market are expected to increase to Dh22 billion this year from Dh20 billion last year, Minister of Economy and Chairman of the Board of Directors for Insurance Authority Sultan Bin Saeed Al Mansouri said yesterday.

Speaking at the Arab Forum of Insurance Regulatory Commissions, Al Mansouri said size-wise, the UAE insurance market occupied an advanced rank among the Arab countries.

Anchor on the best

"Quality-wise, the local market is loaded with technically qualified personnel specialised in different lines of insurance... The Insurance Authority since its inception is making every possible effort to re-organise the local insurance market and anchor it on the best technical, financial and legal principles and standards," Al Mansouri added.

He said the UAE became one of the world's pre-eminent countries in offering an attractive investment environment by virtue of the advanced legislation, laws and infrastructure — a matter that contributed in increasing foreign direct investment even immediately after the world financial crisis. This was particularly notable in energy, renewable energy, petrochemicals, financial services, industry, aviation and tourism sectors.

Al Mansouri said the strategy of the UAE government has given the insurance sector considerable attention by establishing the Insurance Authority which took the initiative to further develop the sector.

"We will render all support to the Insurance Authority's efforts in order to reach the universally highest advanced apex," he added.