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A multitude of insurance companies vie for a slice of the cake in Dubai's competitive premiums business.
An effective distribution channel is a must, making use of both brokers and direct sales, and relying on national representation. NGI has four branches in Dubai and is set to open another two in an area where we are little represented today. It all comes down to access to clients. In the interests of remaining conservative, I anticipate a 10% market share and gradual growth from there. The critical issue here is the performance of the new system going forward given that price is low and treatment costs and inflation in the medical sector high.
Insurance demand in the UAE is triggered by two major factors: demographics and the implementation of compulsory insurance benefits. Under demographics, the expanding population of expatriates in the UAE is enhancing real estate investments and large-scale infrastructure projects, both of which require insurance coverage, hence turning property insurance into a thriving business. Compulsory insurance benefits previously included motor insurance only, but recently health insurance has also been made mandatory by the UAE insurance authority. Due to high levels of car ownership and the compulsory law, the motor insurance sector will experience substantial growth.
Dubai National Insurance & Reinsurance is a leader in the mid-sized insurance company market in Dubai. Our strategy has been to focus on stability and to grow consistently and smoothly every year. There is still a need for more education in this country concerning insurance. Most people's perception is that insurance is only called for when some misfortune occurs, and in any case they generally only think in terms of motor vehicle or medical insurance. In fact, insurance is much broader and more important than that.
RAK Insurance celebrates 40 years this year. Having joined the company in January 2013, I set about repositioning RAK Insurance to put it on a different path in terms of distribution, operations, technology delivery, product innovation, and customer service. Incorporated into the strategic initiative of the organization in 2013, I planned to bring in international best practices and standards of operations, but all with a local flavor. We rebranded the company in May of 2013, and it was about positioning and understanding where we wanted to be as a company; clearly portraying that in the form of a brand.
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TABLE OF CONTENTS
Interview
Géza Poprády, State Secretary for Public Administration of the Ministry of Rural Development, Hungary
TBY talks to Géza Poprády, State Secretary for Public Administration of the Ministry of Rural Development of Hungary, on improving trade, boosting relations, and establishing double-taxation agreements.
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M.P.K. Merali, Group Managing Partner, Merali’s Chartered Accountants&Registered Auditors
TBY talks to M.P.K. Merali, Group Managing Partner of Merali's Chartered Accountants & Registered Auditors, on major developments in Dubai's economy and the role Merali's plays within it.
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Jean Claude Farah, President of MEA, APAC, Eastern Europe & CIS, Western Union Financial Services, Inc.
TBY talks to Jean Claude Farah, President of MEA, APAC, Eastern Europe & CIS of Western Union Financial Services, Inc., on growth in remittances, and expanding the market.
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HE Mohamed Nasser Al Ghanim, Director General, Telecommunications Regulatory Authority (TRA)
TBY talks to HE Mohamed Nasser Al Ghanim, Director General of the Telecommunications Regulatory Authority (TRA), on the drivers of growth in the ICT sector, mobile government, and the impact of high internet penetration.
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HE Mattar Al Tayer, Chairman of the Board & Executive Director, Roads and Transport Authority (RTA)
TBY talks to HE Mattar Al Tayer, Chairman of the Board & Executive Director of the Roads and Transport Authority (RTA), on works and initiatives to boost the transport network across Dubai.
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HH Sheikh Ahmed Bin Saeed Al Maktoum, Chairman & Chief Executive, Emirates Airline & Group
TBY talks to HH Sheikh Ahmed Bin Saeed Al Maktoum, Chairman & Chief Executive of Emirates Airline & Group, on the sector outlook and the impact of Al Maktoum International Airport.
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Mohammed Al Rais, Senior Vice-President & Managing Director, Hill International (Middle East) Ltd.
TBY talks to Mohammed Al Rais, Senior Vice-President & Managing Director of Hill International (Middle East) Ltd. on navigating global markets, eco-sustainability, and the impact of Expo 2020 projects.
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Majid Kaddoumi, Vice-President and Regional Director of Middle East, Africa, and Turkey, Medtronic
TBY talks to Majid Kaddoumi, Vice-President and Regional Director of Middle East, Africa, and Turkey for Medtronic, on the company's global strategy, plans for Turkey, and long-term regional goals.
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Dr. Abdulla Al Karam, Chairman of the Board of Directors and Director General, Knowledge & Human Development Authority (KHDA)
TBY talks to Dr. Abdulla Al Karam, Chairman of the Board of Directors and Director General of the Knowledge & Human Development Authority (KHDA), on private schools, and Dubai as an emerging educational hub.
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Randa Bessiso, Director Middle East, Manchester Business School (MBS)
TBY talks to Randa Bessiso, Director Middle East at Manchester Business School (MBS), on what the MBA can do for your career, higher education in the local economy, and the importance of Dubai as an educational hub.
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Dr. Ayoub Kazim, Managing Director, Dubai International Academic City
TBY talks to Dr. Ayoub Kazim, Managing Director of Dubai International Academic City and Dubai Knowledge Village, on the future of education in Dubai, and the connection between skills training and the economy.
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HE Helal Saeed Almarri, Director General, Dubai’s Department of Tourism & Commerce Marketing
TBY talks to HE Helal Saeed Almarri, Director General of Dubai's Department of Tourism and Commerce Marketing (DTCM), on the sustained growth of the tourism sector in Dubai, and priorities for the future.
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