Insurance
From The Report: Abu Dhabi 2015
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The introduction of mandatory health coverage in Abu Dhabi has had a considerable impact on the wider UAE’s insurance and medical market and has helped drive strong expansion in recent times with double-digit growth expected to continue into 2015. Total market premiums stood at $8.03bn in 2013, while industry reports showed the UAE to be one of the largest and most penetrated insurance markets in the region, representing up to 45% of all premiums written in the GCC. A slate of regulatory reforms begun in 2007 aim to further develop the market by encouraging Emiratisation, takaful, bancassurance, consolidation, as well as enhanced codes of conduct. Meanwhile brokerage reforms implemented in February 2014 established a framework that helps boost security and sustainability and promotes consolidation in the market.

This chapter contains an interview with Ebrahim Al Zaabi, Director-General, Insurance Authority.

Articles from this Chapter

Overview

Double-digit growth projected to continue in 2015
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As the first emirate in the UAE to issue mandatory health insurance legislation, Abu Dhabi has grown into the nation’s most mature and robust insurance market. While the industry remains in its nascent stages, with overall penetration still low relative to more developed markets, an uptick in the life and medical segments offers significant opportunities for future expansion. The emirate has also witnessed a host of regulatory reforms aimed at fostering growth, including long-awaited brokerage…

Interview

Ebrahim Al Zaabi, Director-General, Insurance Authority (IA): Interview
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Interview:Ebrahim Al Zaabi What will be the key enablers for achieving further growth in the insurance industry? EBRAHIM AL ZAABI: The insurance sector in the UAE has seen good growth rates compared to other emerging markets. The UAE insurance market has become the leading market in the Arab world since premiums totalled $8bn in 2013, marking 12.2% growth on 2012. The UAE insurance market is one of the most dynamic in the MENA region, recording the highest per capita spending on insurance…

Analysis

Broking regulations see further clarification
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Recent regulatory reforms to Abu Dhabi’s insurance industry have demonstrated the Insurance Authority’s (IA) intent to encourage market consolidation, setting strict standards for new entrants and high paid-up share capital requirements for existing players, as well as financial reporting stipulations aimed at improving brokerage transparency and sustainability. Although some stakeholders argue the reforms will have a negative impact on smaller players, despite the fact that these insurers may…