UAE presents vibrant market for re/insurers

The United Arab Emirates (UAE) offers many growth opportunities for insurers and reinsurers. This is the view of Bassam Chilmeran, the general manager of Al Wathba National Insurance Company and chairman of the reinsurance sub-committee of the Emirates Insurance Association.

Chilmeran made his comments at the first Emirates Reinsurance Forum 2012, held in November on the Palm Jumeirah in Dubai.

Aiming his comments specifically at the re/insurance industry, Chilmeran said the UAE has a vibrant economy plus other advantages including the free movement of capital, transparency of regulations and less stringent regulatory restrictions compared with other countries.

“There has been a certain amount of growth in the overall GDP in the market and this is exclusive to the UAE as most of the other markets have been affected by the turmoil and hence their economies,” he said.

Rinat Mustafin, chief executive officer of Malakut Insurance Brokers, said that he had been overwhelmed by the popularity of the event and the high number of delegates who attended.

“We had more than 100 people from 18 different countries participating at the event,” he said.