UAE - Economy
CEO, Abu Dhabi National Insurance Company (ADNIC)
Ahmad Idris has extensive management and leadership experience, having worked in the insurance industry for over 40 years. In his role as CEO of ADNIC, he is responsible for leading, developing, and executing the company’s strategy. Before assuming the position of CEO, he had an illustrious career at ADNIC that spanned over two decades. His previous role was deputy CEO. Idris is one of the most influential thought leaders in the industry and has also won several regional and international awards for his leadership. He holds a bachelor’s of science degree in mathematics from Kuwait University.
ADNIC continues to focus on how it can contribute to society in terms of promoting sustainability for the community. In line with the overall government vision supporting sustainability. We are aligned as a company with the government’s goals to promote and support sustainability.
ADNIC’s work is closely aligned with the overall objectives of the government. Accordingly, ADNIC’s report seeks to embed the culture internally of the importance of the ESG global initiatives. We implement initiatives to make a contribution to the overall government efforts in that direction. We released our ESG report as a roadmap for us. For our external stakeholders to understand what ADNIC is doing and our internal stakeholders to be educated and aligned with ADNIC’s efforts.
In general, 2020 was the most challenging year, and 2021 was a continuation of such challenges, though it was less challenging for the overall economy as well as for ADNIC. Overall, 2021 was a successful year for ADNIC in terms of growth and profit. This was the result of our ability to respond timely and efficiently to the situation and make sure business could continue in terms of service delivery and ensuring our customers could access our services smoothly. The needs of individual customers and corporate customers have changed. A large part of the credit goes to the effective and sophisticated infrastructure of the government. The government’s guidance and clarity also made it easier for organizations like ADNIC to respond without any confusion.
There was an influx of capacity into the market well before the pandemic, and during the pandemic we saw a shrinkage of part of such capacity. There were a few market exits by international players, which boosts market health in general, because the market itself is overcrowded and fragmented. There are more insurance companies, whether they are listed or branches of international companies, than what the market needs, so the exit of extra capacity helped the market sustain the challenges. The rates are still below technical levels and are still in favor of buyers of insurance.
ADNIC’s vision has always been, and will continue, to maintain the position as one of the regional leaders. We also aim to continue to diversify geographically and product-wise.
2021 was a special year that saw Standard & Poor’s upgrade ADNIC from A- to A with a stable outlook at the beginning of this year. In September, ADNIC was assigned an A rating by AM Best. We now have a rating from both rating agencies. Although A- was an acceptable global security, with A we are now able to access more business.
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