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Predictions 2018
For the insurance industry in the UAE 2017 was not a watershed year but witnessed significant developments that will have a bearing in the future. The year was marked by more visible regulatory enforcements, a mandatory health insurance scheme in Dubai, an upswing in motor insurance, half-hearted technology adoption, some semblance of consolidation and more importantly the run-up to the implementation of value added tax (VAT) for first time in the UAE’s history. Of course, one of the highlights of the year was health insurance becoming mandatory for all residents of Dubai, which resulted in huge growth in the medical insurance sector. Insurers had a fantastic start and it sustained ...

Regulator moves to protect policyholders
The UAE Insurance Authority (IA) has approved resolutions amending the provisions relating to the Vehicle Insurance Price Definition System and the Unified Vehicle Insurance Document System. The new amendments have been approved on the basis of studies conducted by the Authority on the impact of adopting both systems in the local market in 2017. A press statement was issued after the resolutions were passed which mentioned that the new resolutions would protect the rights of insurance policyholders and shareholders of insurance companies, as well as insurance companies, from future risk. This will contribute to the development of the required technical framework and laws, to strengthen the establishment of a new ...

New advanced regulatory system to strengthen motor insurance in UAE
The UAE Insurance Authority (IA) has approved resolutions amending the provisions relating to the Motor Vehicle Insurance Price Definition System and the Unified Motor Vehicle Insurance Document System. The new amendments have been approved on the basis of studies conducted by the Authority on the impact of adopting both systems in the local market in 2017. The move is aimed at strengthening the motor insurance in the UAE. A statement issued after the resolutions were passed mentions that it aims to protect the rights of both the insurance policyholders as well as insurance companies from future risk. This will contribute to the development of the required technical framework and laws, to ...

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