The UAE succeeded at hosting the annual meetings and the 26th Annual Conference of the International Association of Insurance Supervisors (IAIS) in Abu Dhabi during the period from 11 – 15 November 2019 under the theme of:” Supervision in a Digital Era”.

By hosting this international event in the UAE, this stands as a new achievement for the UAE serving its international advance position. The Insurance Authority (IA) has presented a strong file on the UAE and development of the insurance sector along with the development of the infrastructure, service sector and tourist facilities.

The meetings held by the IAIS in the UAE ensures the advance position of the local insurance market regionally and internationally and the great development witnessed by the UAE insurance sector in the past years. The UAE market continues to lead the MENA markets with respect to the written off premiums during the past 10 years. The international reports refer to the significant improvement in the UAE international position in the past five years with respect to the gross written off premiums as the UAE occupied the (36th) position in 2017 compared to 2013 where it occupied the (44th) position. The UAE occupied the (42nd) position in 2017 with respect to spread of insurance compared to 2013 where it occupied the (64th) position.

Certainly, the annual meetings and the IAIS 26th Annual Conference in Abu Dhabi give the opportunity to the worldwide supervisory and control bodies along with the international regional organizations specialized in insurance, monetary and business sectors to exchange experience, visions and views on the developments and updates of insurance and economy on the international and regional levels and to review the best international practices to ensure safe and effective environment for the insurance markets; protect the insurance policyholders and contribute in the international financial stability.

The UAE, represented by the IA, is an active member in the IAIS. The IAIS was established in 1994 as an international organization having its head office in Basel City, Switzerland. It consists of (214) international states and bodies including the State Members, international organizations and supervisory bodies in the USA. The IAIS aims at achieving cooperation between the members to reach the highest supervisory and regulatory levels in insurance industry; to preserve efficiency, safety, justice and stability of insurance markets all over the world and to achieve safety and stability in the international financial markets.

The IA has integrated strategic plans and ambitious programs to develop the insurance sector in the UAE and to promote its standards to keep pace with the international competition. The IA develops the performance of the market; promotes its regulatory and legal capabilities; increases growth rates in all aspects and increases the size of premiums to increase the insurance share in the domestic product of the UAE; promote the approach of economic diversification and support sustainable growth in the UAE.