MiddleEast Insurance Review showcases UAE's booming good times
Oman Insurance crossed the AED1 billion (USD272 million) mark in premiums last year, the first company to do so in the history of the UAE insurance industry, report says.
This came in the August edition of MiddleEast Insurance Review Incorporating Global Takaful (MIR) in its Country Profile on the UAE, which also features interviews with market leaders as well as a ranking of insurers listed in Abu Dhabi and Dubai.
UAE, having grown 28% over last year to hit US$2.7 billion in premiums, is now the largest insurance market among the GCC countries, attracting steady investments from international players. While the market is crowded and the competition is intense, things can only get better, market watchers say, pointing to a new set of laws and the economy booming with double-digit growth rates.
Mr Sivam Subramaniam, Editor-in-Chief of MiddleEast Insurance Review "The UAE insurance industry is booming and more international players are jumping onto the bandwagon. However, with market statistics still relatively hard to come by, we have taken the liberty of accessing the stock exchanges of Abu Dhabi and Dubai to come up with a ranking of insurers listed there, and this has yielded some interesting facts. We are certain that such data, along with other information and articles on the Middle East insurance industry that our magazine is known for, will help to meet the needs of insurance practitioners in the region."
In anticipation of the Global Middle East Insurance Summit hosted in London in September to mark the first anniversary of MIR, we feature the thoughts of Lord Levene, Chairman of Lloyd's, on the way forward from a London-GCC perspective.
In this curtain raiser, he presents an insurer's perspective on managing risks better in today's increasingly complex environment, and the role that the Gulf states play within the global insurance market, while explaining Lloyd's strategy for the region.
The MIR August issue is packed with news and insights covering critical distribution strategies, loss adjusting in Oman following Cyclone Gonu, Shariah-compliant investments, training centres in Malaysia and more.
About Middle East Insurance Review Incorporating Global Takaful
Launched on 1 September 2006, MiddleEast Insurance Review Incorporating Global Takaful (MIR) aims to meet the information needs of insurance practitioners in the Middle East and North Africa (Mena) region and the global takaful industry. It covers news and personalities crucial to the development of the insurance and takaful sectors in markets spanning from Algeria to Malaysia to Yemen; keeping insurers, reinsurers, takaful operators, risk managers, brokers, loss adjusters and other practitioners and service providers up to date with the latest developments in the industry.
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