Insurance

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.