ABU DHABI / WAM
The Insurance Authority is discussing a proposal to establish a major national life insurance company in which all licensed national companies will hold stakes, the insurance regulator said on Saturday.
The proposal is based on the performance of life insurance market valued at AED8 billion where the share of foreign companies stands at 81 percent leaving only 18 percent to national companies, the Insurance Authority said in an emailed press release.
Al Zaabi said that the UAE’s insurance market accounts for 41 percent of volume of insurance premiums in the Gulf Cooperation Council area, and 33 percent of insurance premium volume in all Arab countries.
The discussions took place at a brain-storming session bringing together Ibrahim Obaid Al Zaabi, Director General of the Insurance Authority, and general managers of licensed life insurance companies.
“Establishing a major life insurance company with all licensed insurers as shareholders is part of the regulator’s efforts in developing the insurance sector, enhancing the performance, growth,” Al Zaabi said.