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Insurance Authority: We follow the losing companies .. and fines right not committed to resettlement

2019-12-03T22:06:52.464Z

The Insurance Authority revealed that it has transferred six complaints to the Insurance Disputes Settlement Committee, five of them from Dubai and one from Abu Dhabi, since the committee started its work two weeks ago, confirming a noticeable decrease of 72% in the number of insurance complaints since the beginning of this year till now. Compared with the



The Insurance Authority revealed that it has transferred six complaints to the Insurance Disputes Settlement Committee, five of them from Dubai and one from Abu Dhabi, since the committee started its work two weeks ago, confirming a noticeable decrease of 72% in the number of insurance complaints since the beginning of this year till now. Compared with 2018.

She confirmed to Emirates Today that it is closely following the situation of companies that have achieved financial losses according to the results of the third quarter of this year, in addition to imposing fines against those who did not commit to achieve the rates of Emiratisation.

Follow up companies

In detail, the Insurance Authority confirmed that work is underway to follow up all insurance companies operating in the country, especially those that have achieved losses, through periodic and quarterly reports to adequately check their financial position and to ensure their compliance with the financial instructions issued by the Authority, stressing its keenness to ensure the safety Insurance sector, the continuity of its companies, and address any negative practices.

The data showed that the sector's third-quarter results were positive, with net profits of AED 1.4 billion. However, the Authority is actively pursuing all companies, especially those with financial losses.

Localization ratios

The Insurance Authority added that it is also following up on the companies' commitment to the Emiratization rate in accordance with the Emiratisation system in points, and to ensure the application of quantity and quality, pointing out that they look at the subject in a holistic way that depends not only on the number, but on the quality of jobs, as well as on training.

She stressed that companies that are not committed to achieving their mandated ratios are subject to fines approved by the Higher Committee for Human Resources Development, pointing out that the percentage of Emiratisation in the sector is currently 12%, and is expected to increase significantly in the coming period, thanks to plans, strategies and initiatives of the Authority. These included training in the fields of insurance sciences, combating financial crime, and actuarial sciences.

She stressed that she has developed a plan to implement these initiatives, in cooperation with the best international institutes in insurance, to attract citizens, and work to train them, and free of charge.

Transfer of complaints

The Insurance Authority revealed that six complaints were transferred to the Dispute Settlement Committee which started its work in Dubai about two weeks ago, five of which were from Dubai and one from Abu Dhabi, pointing out that the number of complaints received since the beginning of 2019 and so far decreased significantly by almost 72% Since the beginning of 2019, the number recorded about 1865 complaints, compared with 6723 complaints during 2018 is complete.

The Authority attributed this decline in the number of complaints to the reclassification of complaints, the exclusion of inquiries about laws and instructions set by the Insurance Authority from the list, as well as the positive impact of the Authority's efforts in improving customer service, and the regulatory framework in general.

Insurance premiums

The Insurance Authority forecast a growth in written premiums during the current year by about 10%, compared to what was achieved in 2018, which amounted to 43.7 billion dirhams.

Source: emara

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