International Motor Insurance Conference kicks off in Abu Dhabi

ABU DHABI, 28th November, 2016 (WAM) – The International Motor Insurance Conference kicked off here on Monday under the patronage of H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior. The theme of event is: Motor Insurance, New Concept for a Better Future.

The opening ceremony was attended by government officials, representatives of regional and international insurance authorities, insurance experts, financial institutions, universities and specialised global finance research centres, and chambers of commerce.

“The organisation of the International Motor Insurance Conference reflects the economic development being witnessed by the UAE. It also reflects the increasing growth of the insurance industry sector in the UAE, the region and the world,” said Sultan bin Saeed Al Mansouri, Minister of Economy, Chairman of the Insurance Authority.

In his opening speech, delivered on his behalf by Ibrahim Obaid Al Zaabi, Director-General of the Authority, on behalf of the Minister, Al Mansouri reiterated the importance of the conference to explore ways to develop vehicle insurance, given its direct impact on the economies of nations and societies.

“The convening of this conference underscores the importance of moving ahead with the development of the insurance industry in the light of the enormous opportunities that hoard our economies,” he noted, adding that the conference is a global platform to support the vehicle insurance sector to serve the growth of economies, markets and global communities.

Al Mansouri said that President His Highness Sheikh Khalifa bin Zayed Al Nahyan, Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, Members of Supreme Council and Their Highnesses Rulers of Emirates are keen to achieve comprehensive development by looking at international experiences that will help build an economic model to boost the non-oil sectors, among others the insurance.

He also thanked Sheikh Saif bin Zayed for sponsoring the conference.

The Minister reviewed the UAE market insurance developments, stressing that these would continue to register good growth rates.

According to Al Mansouri, international studies show the UAE market’s regional leadership as the volume of written premiums of 61 national and foreign companies registered at the Authority reached AED37 billion in 2015, an increase of 10.2 percent compared to 2014. The funds invested in the sector amounted to about AED46 billion, an increase of more than 7 percent.