Sultan Al Mansouri: UAE has become a major global center of insurance

HE Sultan bin Said Al Mansouri, Minister of Economy and Chairman of the Insurance Authority, said that the UAE had become a major world center in the field of insurance, which provided insurance services not only to the UAE, but also to the region in general.

S addressing the opening session of the Fifth Annual Conference on Health Insurance in Dubai yesterday, attended by more than 100 UAE and international experts in the field of insurance and insurance. Health care, he said that the local market had become the most important in terms of level and organization in the Arab world, and the diversity of areas of insurance.

He emphasized the strength and solvency of the local market as one of the most important tools for dealing with risks and protecting individuals and property from any potential risk.

He pointed out that the sector has become one of the most active sectors of the economy and plays a vital role in serving the national economy and increasing the growth rates of its contribution to GDP, which led to the first in Arab countries and North Africa in terms of premiums issued over the last ten years.

Speaking on behalf of Dr. Mariam Al Suwaidi, Executive Vice President of Licensing, Oversight and Law Enforcement at the Securities and Commodities Authority (SCA), the Minister of Finance has Economy said the establishment of mandatory health insurance for residents of Dubai and Abu Dhabi had contributed to the diversification of insurance coverage and the provision of excellent medical services to clients.

He pointed out that the volume of premiums written for the insurance market in the country had reached 44 billion dirhams by the end of last year, compared with 40 billion dirhams in 2016, and that the total written premiums for the property and liability insurance branches rose to 29.8 billion in 2016, 50.1% of the total.

Promotion

Khalid Al Badi, president of the Emirates Insurance Society, said that health care has become an essential necessity in the lives of communities, that it is urgent to stimulate and develop health services and their accessibility, given the high cost of medical care.

complete

Addressing reporters on the sidelines of the conference, Farid Lutfi said that the health insurance sector had been the fastest growing of recent years, with the completion of the system. Mandatory health insurance in Dubai at the stage of stable growth, which is expected to grow every year between 8 and 10% and exceed 20 billion dirhams per year. This represents 47% of premium volume.

Karim Deeb, co-founder of ADINDA for Block Qin in the insurance sector, said the rates of misuse of health insurance in local and international markets are high, pointing out that some studies estimate the size of the insurance industry. about one billion dollars in the United Arab Emirates, between 10 and 15%. On the local market, close to the global level.

premiums

According to a recent report by Business Monitor International, the volume of premiums written by the health insurance sector at the end of this year amounted to 16.86 billion AED, an increase of 11.4 percent. %, which represents 54.6% of total premiums written by public insurance.

Health insurance premiums increased by 11.3% to AED 18.77 billion in 2019, representing 56.6% of the country's total premiums, which includes health insurance, car insurance, goods and transport.