800 million dirhams, claims paid by insurance companies due to “Corona” last year
The insurance sector has played a vital role in insuring individuals and properties against various risks.
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The Central Bank stated that insurance companies paid claims worth 800 million dirhams last year, as a result of diseases and symptoms related to the Corona virus, compared to 790 million they paid during the year 2020.
And the “Central” indicated, in its annual report, that the claims that were paid related to “Corona” as a percentage of the total claims were lower last year compared to the year 2020, when in the year of the “pandemic” it constituted 2.6% of the total insurance claims, compared to a percentage of Only 2% of claims last year, despite the increased level of 'exposure', due to the resumption of economic activities and international travel with minimal lockdowns in place.
It is noteworthy that during the Corona pandemic, the importance of the insurance industry as a tool for transferring risks during the “Corona crisis” emerged, through the vital role played by the sector, especially in the health insurance branch.
The insurance sector in the country has played a vital role in ensuring individuals and property against various risks, as it continues to grow despite the effects of the pandemic.
The UAE has proven its ability and high efficiency in facing the repercussions of the Corona pandemic, which enabled it to formulate a road map to foresee the future and get out of this crisis with many gains, enhancing its position regionally and globally, and the country's insurance sector has proven its success in dealing with the "Corona crisis".
The Central Bank also clarified in its report that during the past year, it launched a digital supervisory platform for the insurance sector, with the aim of ensuring that the insurance sector follows the best applicable standards and practices, and uses the latest technologies around the world.
And he indicated that the essence of this project is to enable companies to provide electronic forms for their data, and to allow in the future to integrate the platform with other systems of the Central Bank, so that all entities submit their reports through a single platform, covering reporting of reports, data, documents, market analysis and risk trends and helps to adopt a view forward looking.
The Central Bank imposes administrative and financial penalties on a finance company
The Central Bank imposed administrative and financial penalties on a finance company operating in the state, in accordance with the provisions of Federal Decree-Law No. (14) of 2018 regarding the Central Bank, the regulation of financial facilities and activities, and its amendments, the Finance Companies Law, and the Consumer Protection Law.
On May 18, 2022, the Central Bank imposed a fine on the finance company, as a result of its failure to submit the audited financial statements by the scheduled date, and the failure to comply with the bank’s instructions in this regard.
The Central Bank also instructed the company to remedy the deficiencies within a month of notification, for its failure to comply with the Consumer Protection Law and the Complaint Management System rules.
Abu Dhabi - WAM
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