UAE: ‘Insurance growth is reflection of economic growth’

UAE: ‘Insurance growth is reflection of economic growth’

The insurance intermediary is undergoing a complete overhaul of its business and is looking to fuel its next leg of growth using AI and new age technology

Mustafa O. Vazayil, managing director, Gargash Insurance.

By Suneeti Ahuja-Kohli Published: Tue 29 Nov 2022, 6:00 AM Last updated: Tue 29 Nov 2022, 8:44 AM

A post Covid-19-driven growth in the insurance industry is likely to continue and is fuelled by the expansion of the larger UAE economy, said Mustafa O. Vazayil, managing director, Gargash Insurance, in an interview with Khaleej Times.

“Insurance sector is a reflection of the economy. If the economy grows, the insurance sector grows. When an economy expands, industries expand, and their insurance needs expand. We are very positive about the next two-three years, especially for the UAE and Dubai. The rents are going up, and the real estate prices are rising. We (the UAE) are well placed in the region with world-beating infrastructure, which will allow us to play to our strength,” said Vazayil.

The Covid-19 pandemic laid emphasis on the need for health insurance and made people more aware of the enhanced coverage. “Medical insurance wasn’t taken seriously before Covid. The pandemic ushered in a change and people have started looking at