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Bracing for bigger losses in insurance
Despite threats of huge losses, there have been no serious considerations for consolidation in UAE’s insurance sector. OIC’s CEO says egos need to be set aside or something’s gonna give.
April 15, 2011 2:58 by shafeer
Customers should realise the importance of protecting themselves and planning for the future. The insurance policy is one of the tools they can use to properly plan their life and as a means to protect their lives and their income.
Q: What will be your main product push this year? Marine insurance or Life?
Both. If you look at the insurance penetration in this market it is low compared to the advanced countries.
We want to increase this figure and we’ll use all the necessary tools to increase awareness through campaigns, education and by meeting with people and giving them proper advice.
The onus is on all the parties involved, including the insurance companies, the regulators, insurance associations and the insurance authority.
In the past, religious reasons were one of the objections for insurance, especially life insurance but that reason is gradually being ignored now.
Q: What would you advice insurance companies about the year ahead?
My advice is to go back to the technicalities of their products. First of all, we are not investment companies, we are insurance companies. We have to be creative and innovative to face the challenges.
Which line of business is promising?
Health is a growing market. The government is pushing for privatisation but logistics requirements to do business this way successfully still needs a lot of improvement.
Life, bancassurance and motor are also sectors to watch out for insurance.
This interview was originally published in Policy, The Voice of Middle East Insurance.