Bridging the gap Betweeninsurers and reinsurers

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YEARS

special report | OCTOBER29, 2013

EMIRATES INSURANCEASSOCIATION

S I LV E R J U B I L E E Y E A R

4Khaleej Times Special Report October 29, 2013

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YEARS

Celebrating 25th Anniversary

S P E C I A L R E P O R T

EditORial

executive editorPatrick Michael

Supplements editorSuchitra Steven Samuel

Sub-editorSadiq ShabanReporters

farhana chowdhurySuneeti ahuja-Kohli

PROdUCtiON

DesignersMohammad ejaz Khan

Sidharthanimaging

Venugopal Prabhu

adVERtiSiNG

DirectorHaroon Qureshi

Senior advertisementManager

(Supplements):Philip Smith

Insurancestack-up

Total number of insurancecompanies: 61

National insurance companies: 34

foreign players: 27

insurance agents: 14

brokers: 163 national and 7 foreign

consultants: 18

Loss adjusters: 69

actuaries: 31

Total funds invested: Dh28.7 billion

investment in shares and bonds:Dh13.7 billion

investment in deposits: Dh9.2 billion

Premium underwritten: Dh26.3 billion

Premium collection from property andliability insurance: Dh20.3 billion

Life insurance: Dh5.9 billion

Total employee strength: 8,586

uae Nationals: 662

CONtENtS06 ‘Consolidation is the key

in insurance sector’12 Working in the best interest14 Keeping a strict eye

on regulations16 Insurance premiums

soaring in theGulf17 Cargo and logistics

liability landscape18 Secure financial future18 Professionalismat its best18 Implementing newpractices

The emirates insuranceassociation extends its bestwishes to all stakeholders ofthe insurance industry. Theassociation has come a long wayand is celebrating its silver jubileetomark the 25th anniversary of theassociation that has been a pivotalplatform between the insuranceauthority and industry players.

Over the years, we havedeveloped an outstandingrelationship between insuranceand reinsurance companies, andraised issues that are mutuallycentral to both parties. We havealso represented the cycle ofeconomic activity in the Gulfregion, studied its impact on theinsurance sector and proposedreforms for the betterment ofthe industry. We will continueto strive for excellence andpromote the best interests of allstakeholders. On this note,i congratulate all once again.

Saleh bin RashidAl Dhahirichairman

emirates insurance association

ChAiRmAn’SmeSSAge

Source: annual insurance Report 2012

Celebrating 25th Anniversary

6Khaleej Times Special Report October 29, 2013

The Dh26.3-billion insuranceindustry in the UAE is among thefastest growing ones in the GCCmarket, accounting for almostone-third of the total premiumcollections in the GCC. As theindustry body celebrates its 25th

anniversary, Suneeti Ahuja-Kohlispeaks with Fareed Lutfi,Secretary General of EmiratesInsurance Association, on thelatest issues rocking the sectorand to get a pulse of this vibrantindustry. Excerpts:

GiveusaperspectiveontheUAE’s insuranceindustry.

Thereare61 insurancecompaniesoperatingin theUAE and all aremembers of the Emir-ates Insurance Association. Of these, 34 arenationally incorporated companies and 27are foreign.Among thenational companies,around 10 operate on Islamic Sharia basis.Besides, we have a number of brokers,agents, consultants, loss adjusters, survey-orsandactuaries thatcomplementthe insur-ance industry in the UAE.

The insurance market in the UAE is thelargest in terms of premium income amongthe Arab markets. In 2012, insurance com-panies in theemirates collectedpremiumofDh26.3 billion and made collective invest-ments at Dh29 billion in markets.

‘Consolidation is the keyin insurance sector’

Fareed Lutfi, Secretary General

Howmuchis the insurancepenetrationwithrespect to life and non-life insurance?

Although the UAE has one of the most de-veloped life insurancemarkets in theregion,non-life business continues to contribute amajor chunk to the premium income. On ageneral note, insurance penetration is closeto 2 per cent, and stands at 1.6 per cent interms of non-life insurance.

Which are the fastest growing and themostprofitable lines of business?

Property and motor are the major non-lifebusiness lines. The infrastructure build-upis currently in full swingagainwithDubai inthe race for Expo 2020, and the announce-ment ofmanyprojects including renewableenergy and transport infrastructure such assolar power, wind power, nuclear and rail-road, are all new to the UAE and the region.Therefore, we assume construction andpropertybusinesswould, intime,bethefast-est growing lines of business. Over the lastfouryears,wehavenoticedhealth insurancepick up and it has become one of the fastgrowing areas. Overall, I would say all linesare profitable in different degrees, fromoneline of business to the other. It all dependson one’s company management and share-holder philosophy in themarket.

Celebrating 25th Anniversary

Celebrating 25th Anniversary

Emirates Insurance Association has beenactive in theUAE for 25 years. Kindly enlistsomeof its achievements during this timespan.

I believe the association’s achievement isevidentwhenwetake intoconsiderationtheadvancedstageweareat todaycompared toquarterofacenturyago.Theassociationhasworked with the industry as a right-handassistant to theauthorities, and togetherwehave progressed. Let’s not forget that theassociation belongs to market experts whorun the industry through their companies.Someof thenotableachievementsof theas-sociation include introduction of newbranchesof insurancesuchaspersonal lines,life and related types of life insurances, em-ployee benefits and,most importantly, pro-fessional indemnity covers that were un-heard of here 20 years ago.

What is the aim and philosophy of EmiratesInsurance Association?

As for any insuranceassociationworldwide,

westrive toadopt thebestpossiblepracticesand promote ethical behaviour in the insur-ancemarketthroughmarket intelligence.Wecollatedata,wherepossible,andshare itwithvariousgovernmentauthorities.This aids inmaking sound technical decisions.

What is your view on the regulatory frame-workintheemirates?Doyouseeanyregula-tory deficits that need to be addressed?

I would not say regulatory deficits but bet-

termentof regulations,particularly theUAEbeing a member of IAIS (International As-sociation of Insurance Supervisors). And aswementionedabove, the InsuranceAuthor-ity is moving in the right direction.

Whatistheaveragereturnoninvestmentforinsurancecompanies?Andhowarethecom-panies copingwith it?

The financial crisis has depressed the realestateandequitymarketsuponwhichmany

The associationbelongs tomarket

expertswho run theindustry through theircompanies, giving rise tonotable achievements

insurers depended for income, besides com-mission from reinsurance companies. I as-sume return on equity is measured as themost notable one, which under good invest-ment climate yields returns of more than 25per cent. This was way above the return onmaturemarkets. I believe a rate of 10per centto 12 per cent, which is still above interna-tional market average, is acceptable.

The InsuranceAuthorityhasoftencalled foraneedtoconsolidatethemarket.Whatareyourviews on the same?

Some say inflated valuations and reluctanceto relinquish control are among the factorspreventingsmallercompanies intheGCCfromconsolidating, despite the fact that some in-surers are struggling with profitability. Onceproper legal solvency requirements areput inplace critical factors will surface leading tomergers and acquisitions. As we read in thenewspapers recently, the InsuranceAuthorityhas appointed a legal firm towork along con-sultants on introducing best in class culturefor themarket.

Propertyandmotor

are themajornon-life businesslines. Theinfrastructurebuild-up iscurrently in fullswing againwithDubai in the racefor Expo 2020

Celebrating 25th Anniversary

10Khaleej Times Special Report October 29, 2013

Low retention has often been cited as oneof thekeyweaknesses in theGCC insurancemarket. How is the experience in the UAE?How much risk is retained by domesticinsurers?

Now that some of our national companies,inmyopinion,havematured(havingoperat-ing for more than 40 years), it is high timethathigher retentionbecomes imperativeontheir part. Heavy reliance on reinsurancereflects thedominanceof adirect insurancebusinessmodelbasedoncommission,whichis a diminishing phenomenon, and invest-ment income, which in turn is driven byabundant reinsurance capacity and a gen-eral lack of technical expertise needed toretainmore risks. Cession rates are particu-larly high especially for certain commerciallineswheremore than90percentoforiginalpremiumisceded to reinsurers.Globally, onan average, companies retain 90 per cent ofthe risk.

Dubai aims to be the capital of the IslamicEconomy.What rolecan thedomestic insur-ance sector play in this regard?

We already have a strong architecture inplace.WithanautonomoushubofDIFCthathas ultimate prudential laws, be it commer-cial or Islamic, we have set up the world’sfirst Islamic bank in Dubai. Dubai has inter-national religious awards, and Islamic fi-nance including Takaful, which has been inplace for about a decade. However, I thinkthat consolidation in the insurance spaceand formation of semi-giant takaful and re-takaful companies without a doubt is a keygoing forward.

Identify a fewchallenges andopportunitiesfor the insurance sector.

We have a number of challenges. Theforemost one is the under penetration ofinsurance. We are also concerned with theerosion of market discipline, wherecompanies and brokers should abide byethical practices is a serious threat; trainingand developing younger generations are along lasting challenge. Moreover, mostcompanies have no succession planning,which is a grave concern.

What is the pricing outlook for the nextcouple of years?

Current pricing levels in the region beingbelow the long-termaverage, not just in theUAE, iscalculatedonafive-yearbasis. Itdoeswith abundance of reinsurance capacity,althoughprices started topickuponcertainclasses where it reached uneconomical forboth insurersandreinsurers.Pricingsubjectdepends on many factors and does affectdifferent companies and lines of business.The age of companies and shareholder ex-pectationsalongwithmanagementviewhasto do a lot with it.

— suneeti@khaleejtimes.com

Listof insuranceplayers:

NATIoNALmEmbErs

Abu Dhabi National Insurance CompanyAbu Dhabi National Takaful Co.Al Ain Ahlia Insurance Co.Al Buhaira National Insurance Co.Al Dhafra Insurance CompanyAl Fujairah National Insurance Co.Al Hilal Takaful CompanyAl Khazna Insurance CompanyAl Sagr National Insurance Co.Al Wathba National Insurance Co.Alliance InsuranceArab Orient Insurance Co.Arabian Scandinavian Insurance Co.Dar Al TakafulDubai Insurance Co.Dubai Islamic Insurance and ReinsuranceEmirates Insurance CompanyGreen Crescent Insurance Co.Insurance HouseIslamic Arab Insurance CompanyMethaq Takaful Insurance CompanyNational General Insurance Co.National Health Insurance CompanyNoor Takaful FamilyNoor Takaful GeneralOman Insurance CompanyRas Al Khaimah National Insurance Co.Sharjah Insurance CompanyTakaful EmaratUnion Insurance Co.United Insurance CompanyWatania Takaful

ForEIGNmEmbErs

ACE Tempest Life Reinsurance Ltd — UAEAdamjee Insurance Co.Al IttihadWatani — General InsuranceAmerican Home Assurance Co.Metlife AlicoArabia Insurance CompanyAssicurazioni GeneraliAxa Insurance GulfFriends Provident InternationalGeneral Insurance Corporation of IndiaIran Insurance CompanyJordan Insurance companyLIC InternationalMitsui Sumitomo InsuranceNational Life and General Insurance Co.Qatar General Insurance & ReinsuranceQatar Insurance CompanyRoyal and Sun Alliance InsuranceSaudi Arabian Insurance Co.State Life Insurance Corporationof PakistanThe New India Assurance Co.The Oriental Insurance CompanyTokio Marine & Nichido Fire Insurance Co.Zurich International Life LtdZurich Life Insurance CompanyZurichMiddle East

Cession rates areparticularly high

especially for certaincommercial lineswheremorethan 90per cent of originalpremium is ceded to reinsurers

Celebrating 25th Anniversary

Suneeti Ahuja-Kohli

TheUAEisthelargest insurancemar-ket in the GCC and tops the chartsin terms of insurance penetration,total revenue and insurance den-

sity, standing tall with the premium collec-tion of $7.2 billion (Dh26.3 billion) in 2012.

Over the last six years, the sector has grownat a compounded annual growth rate of 17percent,which ismarginallyhigher thantheGCC average.

While these figuresmight appear impres-sive on a standalone basis, a comparativestudy with the world average and some ofthe developed countries reveal a sorry pic-ture. Even at this growth rate, the insurancepenetration and density stand at 2 per centand $1,464, respectively in 2012, which areabysmally low levels compared to theglobalaverageofmore than5percent.A fewdevel-oped countries such the UK, Switzerland,France and many others boast of insurancepenetration levels of more than 10 per cent.

Emirates Insurance Association (EIA) isdoing its bit in bridging this gap and hasbeen liaising between the Insurance Au-thority andother stakeholders in the sector,which includes61 insurancecompaniesandothers, for a quarter of a century. Over the

Working in the best interestyears, the association has facilitated sev-eral debates and discussions that churnedout the best decisions, and also gave a for-mal voice to the industry.

The insurance industryhasmaturedoverthe years in a conducive environment en-abled largely by the association, and aidedthe players in introducing an array ofschemes and measures that were unheardof 20 years ago. Some of the noteworthymeasures introduced by the EIA includebringing in new branches of insurance, fea-turing personal lines of insurance; life andrelated types of insurances; introduction ofemployee benefits and most importantlyprofessional indemnity covers.

EIAhas alsobeen instrumental inprovid-ing a common platform for foreign and na-tional companies, encouraging them tocome together to discuss and promulgatedecisions for the industry. In 2006, the as-sociation promoted a Federal Bill on motor

Liaising between the InsuranceAuthority and variousstakeholders in the industry,the Emirates InsuranceAssociation plays a key rolein addressing issues. Here’s alook at some of the prominentachievements so far

SHINING TOGETHER

SINCE 1988RSA would like to congratulate the EmiratesInsurance Authority on 25 years of guiding theUAE's insurance industry to bigger, brighterand bolder achievements.

Royal & Sun Alliance Insurance (Middle East) Ltd EC registered under UAE Federal Law dated April 1, 1997 (Registration No 65).Royal & Sun Alliance Insurance (Middle East) Ltd EC registered under UAE Federal Law dated April 1, 1997 (Registration No 65).

insurance that laidemphasisonthecompul-sory insurance of civil responsibility result-ing from vehicle accidents.

The association has also formed the fol-lowing specialised technical committees toaddress key issues of concern:

Higher Technical Committee•Technical Committee for Auto•Insurance and LegalTechnical Committee of•Marine Insurance

Technical Committee of the Non-•Maritime InsuranceTechnical Committee for Life•Insurance and TakafulTechnical Committee for•Health InsuranceTraining Committee•Reinsurance Committee•

To streamline the financial relationshipbetweeninsurancecompaniesandbrokers,EIA discussed the need for the financial

guarantees by brokers, and emphasised onsetting up of rules and standards for fairdealing with insurance brokers and lifeinsurance companies operating outsidethe state.

In caseofhealth insurance, EIA conductsfrequent meetings with the Ministry ofHealth to discuss topics and issues relatedto the sector, including insurance for doc-tors, technicians and assistants working inthemedical field. Currently, it is discussingproposals on mandatory health insurancein Dubai and expects to introduce soon. Acompulsory medical and health insurancewill not justworkwell for the players of theinsurance sectorbut also in thebest interestof the residentswhowill get a shieldagainstunforeseenmedicalcosts.EIA isalsoplayinga key role in the national health accountsproject by the Dubai Health Authority.

As a token of appreciation and incentivefor better performance, EIAhas also helpedconstitute awards such as Sheikh KhalifaExcellenceAward,DubaiQualityAward,andAward for Investing in Human Resources.

—suneeti@khaleejtimes.com

Celebrating 25th Anniversary

Khaleej Times Special Report October 29, 201314

Suneeti Ahuja-Kohli

I t’s an exciting time for the insuranceindustry in theUAEon thegrowthandregulatory front. The sector, which ishome to 61 insurance companies and

over 160 brokers, aims to clock around 10per cent growth this year compared with2012 when the sector grew at 9.5 per cent.On the regulatory front, the InsuranceAuthority isworkingonvarious regulationstogivea facelift to the industry that sufferedsetbacks during the financial crisis andcontributes a measly 1 per cent to thecountry’s GDP.

IndusTry

In terms of insurance penetration, totalrevenue and insurance density, the UAEtops the Gulf Cooperation Council (GCC)region. Last year, insurance revenue for the

industry stoodatoverDh26.3billion,whichis approximately 45 per cent of the premi-ums written in the GCC, making UAE thelargest insurance market in the GCC.

The sector has been growing at a com-pound annual growth rate of 17 per cent forthe last six years. According to official esti-mates, the projected growth rate of theinsurance sector of 10 per cent might ac-celerate further with reforms being imple-mented. The insurance penetration, how-ever, still stands at just two per cent.Property andmotor insuranceare themajornon-life insurance businesses in the UAE.

As per analysts, the sector is growing ata healthy ratewith the exception of the topfive players in the market with the averagepremium per insurer standing at approxi-mately $83 million.

In 2012, the sector had invested almostDh13.7 billion in shares and bonds and al-most Dh9.2 billion in deposits, as per theInsurance Authority. Premium collectionfromproperty and liability insurance stoodat Dh20.3 billion, which was the highest

Keeping a strict eye onregulations

grosser of business. Life insurance on theother hand garnered Dh5.9 billion.

The sector employs over 8,500 people,ofwhich662arenationals.There isagrowthof 17 per cent in recruitment of nationalsfrom last year, and they contribute about 8per cent of the sector.

reforms

Thesector is poised for stronggrowth in thelightofchangesbeingproposedbythe insur-

The insurance industry ispoised to grow rapidlywith proposed overhaulin regulations

The insurance sector has been growing at a compound annualgrowth rate of 17 per cent for the last six years. According to

official estimates, the projected growth rate of the insurance sector of10 per centmight accelerate furtherwith reforms being implemented

ance regulator. The Insurance Authorityplans to set up a central Sharia board ofscholars to regulateTakafulor Islamic insur-ance, which is a growing phenomenon notonly in theUAEbutalsoglobally.Atpresent,the sector contributes a meagre 5 per centto the overall sector and is largely domi-nated by the general insurance segment.

The sector is expected to get a majorboost with plans to set up a central Shariaboard and proposals to make Dubai as thecapital of Islamic economy. The authorityis alsoworking to introduce regulations forinsurancebrokersand is learnt tohavehiredan international consultancy to draw upregulations.

Capital adequacy and motor insurance:There is a significant stress on raising thecapital adequacy ratios and general super-visionof insurancebrokerages. Theauthor-ity has drafted a law, which is awaiting ap-proval from the UAE Cabinet to betterregulate car accidents among insurers, thetraffic department and theMinistry of Jus-

tice.The insuranceauthorityhas submitteda draft law in a bid to standardise motorpolicies for the sector. At present, policiesare approved via ministerial decree.

Quality of assets: The asset quality of theinsurance sector came under close scrutinyfollowing the global financial crisis. Manyinsurers who invested a substantial portionof their investments in equities were hardhit followingamajor sell-off inequities lead-ing to unexpected losses for companies. Aconsiderably smallpartwas invested ingov-ernment bonds, local bank deposits, ac-

counting for 34.6per cent, and in real estatemarkets thatmadeupforalmost20percent.Such exposure to volatile local equity andrealestatemarkets representedasubstantialcredit challenge for many insurers.

Consolidation:There is a toughcompetitionamong the 61 players in the insurancemar-ket. Analysts suggest that such high num-ber of companies indicate a considerablelevel of industry over-capacity, which de-presses the market’s overall performance.The Insurance Authority is calling for con-solidation to avoid cut-throat competition.Experts suggest that consolidation or exitof players is likely necessary in order toenhance market stability.

With these reformsandmore in thepipe-line, the insurance sector aims to increaseits penetration rate and also shore up itsshare to the GDP from 1 per cent to 3 percent in coming years.

— suneeti@khaleejtimes.com

Celebrating 25th Anniversary

Insurance industry in the Gulf isprojected toexpandat 18.1per centperannumbetween2012and2017 to reacha size of $37.5 billion. The non-life

insurancesegmentisexpectedtooutperformthe life segment during this period.

Overall insurance penetration in the GCCis expected to improve from 1.1 per cent in2012 to 2 per cent in 2017, while insurancedensity is anticipated to more than doubleduring this period, according to a study byAlpen Capital.

Saudi Arabia may surpass the UAE as thelargest insurancemarket in the regiongoingforward,whileOmanisexpectedtooutgrowKuwait by a small margin to become thefourth largest market in 2017, Alpen Capitalsaid in its GCC Insurance Report.

The Saudi insurance industry is seen as amajordriverbehindgrowthoftheGCCinsur-ance industry. Most of the remaining mar-kets are also expected to witness a double-digit growth between 2012 and 2017.

Demographic factors like an expandingpopulationbase, large representationof for-eigners, and increasing life expectancy areexpected to have a positive impact on de-mand of insurance products in the Gulf.

“Low insurance penetration, despitestrongunderlyinggrowthdrivers, continuesto offer ample opportunities to insurers intheGCC.Theregion’s insurancesector isalsoexpected to structurally mature going for-ward, in linewithpositive regulatorydevel-opmentsandeffortsbysomeplayerstowardsattaining greater operational scale and effi-ciency,” said Sameena Ahmad, ManagingDirector of Alpen Capital.

Government investments in various sec-tors forpromotingeconomicdiversificationare likely to provide new underwriting op-portunities. Further, expansion of incomelevels and lowmedian age of residents sug-gests a strong propensity for acquiring per-sonal assets.

Implementation of compulsory healthinsuranceprogrammes indifferent jurisdic-tions is likely to create strong growth ave-nues for insurers.The impactofnewvehicle

sales growth is also expected to cascade onthe insurance industry.

Recent political and catastrophic eventsare likely to create increased awarenessabout the benefits of insurance, and makeenterprisesmore proactive in insuring theirproperties and personnel.

Regulatory framework and operationalparameters of the Takaful market are ex-pected to undergo positive changes as thepracticeevolves further.Newandinnovativeofferings may generate higher demand forfamily Takaful products.

Thereportalsosaidbusinessandfinancialhubs likeDubai InternationalFinancialCen-tre (DIFC) and Qatar Financial Centre (QFC)havesignificantlycontributed to thegrowthof the regional insurance industry. Thesecentres are home to a number of insuranceand reinsurance companies, and insuranceintermediaries.

Insurance industry in the Gulf is current-ly over-crowded as a number of domesticand international companies serve the lim-ited sized market. Competition is particu-larly intensive in personal insurance lineslikemotorandmedical.Theinsurancesectorinmanycountries isbeingregulatedbyrulesset out several decades ago. Further, thereis a wide range of regulatory discrepanciesacross the region, the report pointed out.

Industry-wide profit margin in the GCC

Insurance premiumsoaring in the Gulf

hasbeenonadowntrend for the last severalyears,primarily reflectingdiminishingprof-itability in technical operations, an ineffi-cient operating model and low scalability,and falling investment yields.

Theinsurancesectorfacessevereshortageof skilled local workforce. This has, in turn,affected the underwriting and risk-bearingcapabilities of companies while increasingtheir operating overheads.

Foreign insurers are expected to furtheraugment its presence in the Gulf as theybenefit from higher technical know-how,distribution capabilities, customer orienta-tion and financial strength.

EnterpriseRiskManagement (ERM) is stillin the development phase in the region.However, insurance companies are increas-inglysensingtheneedofhavingmorerobustand systematic riskmanagement processesfor the future.

The proposed unified insurance schemefor automobilesmaybring about somestan-dardisation in insurance rates across the re-gion. It may also paveway formore unifica-tionmeasures within the insurance sector.

Moderndistributionchannels likebancas-surance and online policy approvals are in-creasinglybecomingpopular. Islamicbanksare likely toemergeasan importantmediumin themarketing and sales of family takafulproducts, the report said.

Insurance penetration in theGCC is expected to improve totwo per cent by 2017

Khaleej Times Special Report October 29, 201316

United insurance Company embarked onclient andbroker educationearlier this yearas part of its partnership philosophy tomitigate risk. to date total participationapproached 1,000 spread over 20 in-houseseminars.

in October, in partnership with interna-tional reinsurers and leading legal firms, ithas run its first client seminar focusing oncargo and logistics operations.

Cargo andlogisticsliabilitylandscapeUnited Insurance Companyhighlights value and learning

the maxims of United insurance Com-pany are clear — Positioning (we cannot beeverythingfromeverybody),Partnership(wedo not ‘sell’. We work with clients or theirbroker)andProfitability (therelationshiphastomake equitable business sense to all con-cerned). in short, we aim to add value.

Within this framework, we are engagingwith clients not only to provide insurancebut also to learn from them and them fromus on how to better combat risk. insuranceis only one of the solutions within a moreholistic frameworkofprevention, reductionand cure.

James Portelli is aChartered InsurancePractitioner, a fellow ofthe CharteredInsurance Institute andInstitute of RiskManagement, andGeneral Manager ofUnited InsuranceCompany PSC

Celebrating 25th Anniversary

18Khaleej Times Special Report October 29, 2013

On behalf of the team at friendsProvident International, I amdelightedto extend our warmest congratulationsto fareed and his team at the emiratesInsuranceassociationontheauspiciousoccasion of their 25th anniversary.

The emirates Insurance associationprovidesanexceptional levelof supportto itsmembersandhasbeenagreathelpinestablishingfriendsProvident Inter-national as one of the key internationallife insurers in the region.

It is well known that levels of life in-surance penetration (premiums as apercentageofGDP) anddensity (premi-ums per capita) in the region are ex-tremely low. We will continue to workwith the association to educate thepopulation on the importance of lifeinsurance — both as ameans to protectthemselves and their families — and tohelp themsave to secure their financialfuture.

friends Provident International isproud to be partner of the emirates In-surance association, and we look for-ward to continuing our close workingrelationship for many years to come.

GarGash Insurance services is part of the re-nownedGargashgroupofcompanies,whichhasbeen in the insurancebusiness forover55years.Gargash Insurance is amarket leaderandstandsapart from competition for its innovative ap-proach, commitment to excellence and highestlevels of performance standards, all of whichcombine to support its clients’ objectives in themost optimummanner. Gargash Insurance ca-ters for the entire gamut of insurance products— right from the home or motor insurance forthe individual to themost complex of property,marine or liability coverage for the largest ofindustrial risks.

Gargash Insurance has been accredited withthe coveted ‘Chartered Insurance broker’ titleby the Chartered Insurance Institute, london.Gargash was the first insurance intermediary in the Middle east to be accorded this sin-gular honour. What this means in practical terms to its valued clients and strategic part-ners is the highest levels of service ethos, professionalism and commitment. With over300 trained, qualified and experienced staff, Gargash Insurance is always available toprovide bespoke solutions in the fields of insurance and risk management through itsoffices in Dubai, abu Dhabi, sharjah and the joint venture Gargash Tradelinks in Oman.

eMIraTes Insurance association (eIa) will becelebrating its silver jubilee. since inception, ithas provided a common platform for the localinsurance fraternity as well as the GCC, whereit serves to bring its member companies closerin their views and perceptions and to place theUae insurancemarket among themost profes-sional in the region.

alWathbanational InsuranceCompany(aW-nIC) has always been an active member of theassociation taking a lead role in projectingmar-ket professionalism and in introducing newnorms andmeans of servicing its clients to the market.

Today,aWnIC takes theupfrontposition inavailing its services to clientsvia anonlineplatformwhere it cancommunicate andallow themtopurchaseand renewtheir policieswith ease. The company expanded its involvement in the region through the establish-ment andmanagement of insurance companies in other territories such as Vision Insur-ance Company in Oman and Ur International Insurance Company in Iraq. Today bothare considered recognised players in all types of insurance by qualified underwritersthat are able to extend the same level of services to these territories.

aWnIC is committed to continuouslyworkwith the eIa in fostering solidarity amongthe insurance and reinsurance companies, brokers, surveyors and loss adjusters in theendeavour of achieving the objectives under which the association was established for.

Professionalism at its best

Implementing new practices

Gargash Insurance Services offers peace of mind throughreliable solutions

Al Wathba National InsuranceCompany takes lead with aconvenient online platformfor clients

SecurefinancialfutureMatthewWaterfield,General Manager of FriendsProvident International,Middle East and Africa, pensdown felicitations

MatthewWaterfield

Suresh Nair, Executive Director

BassamAdib ChilmeranGeneral Manager

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