UAE: ‘Insurance growth is reflection of economic growth’

UAE: ‘Insurance growth is reflection of economic growth’

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 health insurance differently. They have become aware and much more concerned about their enhanced insurance coverage,” added Vazayil.

Gargash Insurance is among the leading insurance intermediaries broking and risk management services in the UAE. Established in 1994, the firm has been growing steadily over the years and caters to the