Experts and officials responsible for cutting insurance expected that the insurance sector in the UAE would grow by 10-15% during the current year.
According to the newspaper, the experts stressed that this expected growth is driven by the Expo and opportunities for economic recovery, as well as the continuation of major new projects, which are directly reflected in the increase in the growth rate of insurance premiums.
This came during the activities of the fourth session of the Dubai International Insurance Conference, which started in Dubai yesterday, in the presence of a number of representatives of major companies and professions associated with insurance, local, regional and global, experts, specialists and interested from all over the world.
Farid Lutfi, Secretary General of the Emirates Insurance Association, said that the rate of growth of insurance premiums in 2020 is expected to increase by more than 10%, due to the link between this and the hardening shown by global reinsurers in regional and local markets, which would push towards increasing prices and thus Total premium increase.
He said that organizing the Dubai Expo 2020 provides great support to local insurance companies, with the largest growth being the share of engineering insurance, and freight insurance in all its forms, whether sea, air or land.
He added that the expected merger in the insurance sector would strengthen the sector and reduce the intensity of irrational competition in some business lines, pointing out that there is continuous encouragement from the Insurance Authority and the Emirates Merger Insurance Association in order to create strong entities.
major factors
Mohamed Mazhar Hamadeh, General Manager of Al Ain National Insurance Company and Chairman of the Higher Technical Committee at the Emirates Insurance Association, said the sector is expected to grow between 10 and 15% during 2020, thanks to Several major factors, most notably the rise in opportunities for a revival of economic growth, along with the continuation of new major projects in Abu Dhabi, Dubai and other Emirates, which are directly reflected in the increase in the pace of insurance premium growth this year.
He added that the organization of the Expo 2020 Dubai will also have a positive impact on the sector, as the local insurance companies will cover the event and provide innovative insurance products that provide the comprehensive protection necessary for the location of the global event and the operations and activities that it will witness, in addition to providing insurance coverage for the international participants' pavilions. He expected the engineering insurance to record continuous growth rates in the current and next two years in light of the existing projects, and those that will enter the implementation phase soon, in addition to the projects related to hosting the Expo.
growth opportunities
Gregson Carter, general manager of analytics at ...
