Insurance industry has promising future after surviving COVID crisis

Insurance industry has promising future after surviving COVID crisis

The UAE insurance industry has a promising future due to the government initiatives, increasing consumer spending and overall bullish sentiments in the markets, says an industry expert.

Ashok Sardana, founder and managing director of the Continental Group, said insurance industry successfully handled the Covid-19 pandemic, but didn’t rule out new crisis and advised the stakeholders to be ready to face any kind of crisis.

“We are bullish about the insurance sector’s prospects in 2023. Our optimism stems from broader economic tell-tale signs, including favourable initiatives from the government, increasing consumer spending, good employment levels, and an overall buoyancy in the markets,” Sardana said.

“We are particularly swayed by the UAE government’s progressive approach to socioeconomic growth. Its efforts are translating into sector-wide opportunities. The effect on the insurance sector will manifest more in 2023,” he said.

Founded in 1994, the Continental Group is a leading insurance intermediary and financial services solutions provider in the GCC region. Licensed by the Insurance Authority, the Securities and Commodities Authority (SCA) of the UAE, and DFSA, the group represents reputed multinational and local insurance and financial institutions. It has a team of over 250 highly-qualified professionals that has enabled the group’s expansion across Europe, Middle East and Asia.

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