UAE insurance sector needs to tighten up compliance regime

UAE insurance sector needs to tighten up compliance regime

Insurance by its very nature is a risky business, where the sudden and unforeseen are predicted, and precedent is relied upon to assess that risk. Small wonder then that in the past couple of years, many insurance providers found themselves facing unique challenges predominantly due to the unprecedented pandemic crisis. Reacting, many made decisions that not only shook up their internal structures and strategies but also fundamentally changed the UAE insurance market. For the uninitiated, some of these decisions may have appeared 'risky', but for the cognoscenti, they were of little surprise. After all, we have now all been taught to expect the unexpected. We’ve seen a seismic change in the insurance landscape, with many big-hitters leaving the game to focus on playing back in their home markets, while others have been subject to merger and acquisition activity. For those who remain, 2022 has been an interesting time. Listed insurance companies saw a Q1-2022 topline revenue increase of 7 per cent compared to the corresponding period last year, and with total premiums for those same periods aggregated at Dh9.4 billion – against Dh8.8 billion a year back - rates are on the rise. But does this mean that the market