Gargash Insurance's Executive Director, Mr. Suresh Nair expounds on how SME growth is a key focus for UAE Insurance.

In this interview with Gulf News, Executive Director of Gargash Insurance, Mr. Suresh Nair, expounds on how SME growth is a key focus for UAE Insurance.

The UAE's SME sector, a key economic driver, is rapidly expanding, presenting a significant growth opportunity for the insurance industry. With strong government support, SMEs contribute substantially to the non-oil GDP and are projected to reach one million enterprises by 2030.

Insurance, often overlooked by startups, is crucial for risk mitigation. The industry is adapting by embracing digitization, simplifying products, and offering customized solutions. Online platforms facilitate seamless transactions, and bundled policies with opt-out options streamline purchasing.

Recognizing that "one size fits all" doesn't work for all SMEs, insurers provide bespoke risk analysis and solutions for complex businesses. They are also shifting from reactive to proactive, offering tools like trade credit insurance to boost SME operations by improving borrowing terms and increasing business confidence.

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