Al Zaabi: We seek to transform into an innovative digital market in the stages of the insurance process
2.94 billion dirhams, vehicle insurance premiums in the country during the first half
The Insurance Authority agrees to test the technology provided to automate the vehicle insurance market.
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The Insurance Authority stated that the number of vehicle insurance policies issued in the country during the first half of this year amounted to 1.7 million documents, which constitutes 55% of the total number of issued insurance documents, compared to 3.41 million documents last year, which constituted 45% of the total While the percentage of written premiums in the motor insurance branch amounted to 11.9% of the total written premiums in all branches, with a value of 2.941 billion dirhams, after this percentage was, in the same period last year, 12.8%, and at a value of 3.236 billion dirhams.
The Director General of the Authority, Ibrahim Obaid Al Zaabi - in the opening speech of the virtual conference organized by the Emirates Insurance Association on the digital transformation in vehicle insurance pricing and claims management - stated that the percentage of vehicle insurance compensation paid by insurance companies in the first half of this year amounted to 11% of Total compensation in all branches, with a value of 1.539 billion dirhams, while this percentage was 12% in the same period last year and a value of 1.918 billion dirhams.
He added that the vehicle insurance branch has witnessed a remarkable development since 2017, as the data indicate an increase in the rate of growth in vehicle insurance premiums, which the insurance companies achieved during the last five years, by 25%, and their value reached 6.363 billion dirhams in 2019, while the value The compensation paid by vehicle insurance companies amounted to 3.7 billion dirhams last year, compared to 4.8 billion dirhams in 2018, which indicates improved claims management over vehicle insurance.
Al-Zaabi emphasized that the Insurance Authority seeks, in light of the acceleration of technological transformation and the development of concepts and practices, to transform the insurance market in the UAE into a digital and innovative market in the stages of the insurance process, by attracting specialized technology and technology companies to the development environment for insurance technology, which the Authority recently launched And encouraging it to create digital solutions that help individuals, companies, policyholders, and beneficiaries of insurance services to obtain smart services faster and easier in all areas of insurance.
Al-Zaabi revealed the approval of the Insurance Authority to test the technology provided by two companies that provide technology that helps in the process of automating and digitizing the vehicle insurance market in the country, speeding up the accident reporting process and completing the insurance claim process, and repairing the vehicle through electronic and smart transactions, thus contributing to shortening time and effort and reducing Costs for all parties to the insurance process.
1.7 million car insurance policies were issued in the UAE, during the first half of 2020.
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