Statement of H.E. Ebrahim Obaid Al Zaabi Director General
Since its inception by virtue of the Federal Law No.6 of 2007, the Insurance Authority achieved progressive strides in the path of developing UAE’s insurance sector, enhancing the local market’s competition and supporting the economic diversification process adopted by the United Arab Emirates boosted with the wise vision of the righteous leadership and the comprehensive development strategy of the Government.
The achievement of the Insurance Authority has been characterized by integration as to quality and quantity, by re-arranging the local market situations in good form as to performance, control, competitivity, by completion of the legislative and legal frameworks in the organizational and financial aspects according to the best international practices and by making several initiatives to enhance the relation between the Insurance Authority and its partners at all levels besides escalating all the performance indices of the Insurance Authority and duplicating most of the insurance indices of the local market, particularly the written premiums and the invested funds.
The Insurance Authority has earnestly worked to magnify its role and performance locally, internationally and in the Arab world by means of developing its works mechanism and plans and building strategic relations with its partners in UAE’s local government entities, business society’s establishments, insurance policyholders, and the public and with the supervisory institutions and the insurance entities in the area and the world with which the Insurance Authority signed some joint memorandum of understandings besides enhancing its role in the regional and international organizations in the field of insurance as the Insurance Authority is already member of the Arab Forum of Insurance Regulatory Commissions (AFIRC), the General Arab Insurance Federation (GAIF), the Islamic Financial Services Board (IFSB) and the International Association of Insurance Supervisors (IAIS).
Believing in the importance of the national work cadre in the insurance industry, the Insurance Authority initiated a series of initiatives that lead to enhance Emaratization in the insurance sector by rehabilitating specialized national cadres and preparing national youth to take up work in the technical, financial and legal aspects of the insurance business, attaining job stability and enhancing attracativity of work in the sector.
If the achievements of the Insurance Authority are visible in all aspects of the sector, the Insurance Authority through its new visions and creative talented opions will work in the coming phase to enhance and strengthen its role in developing the local insurance sector and broadening the groundwork of its initiatives in the fields of legislation, organization and partnership in a manner that would serve the national economy and enhance the role of the insurance sector in the economic diversification process.
The Insurance Authority hopes that its website in its new attire would serve as an open line for communication and interaction with its partners such as the policyholders, the local and foreign companies operating in the State, the business society, the similar Arab and foreign organizations, the interested parties, the public and others. We hope that communication and interaction with the Insurance Authority will be sustained in a way that would lead to play a part in the development of the insurance sector, the local market and the national economy and to promote the profile of our country in the regional and international arenas.