Emirati insurers strong enough to cope with Covid-19

According to Ibrahim Obaid Al Zaabi, General Manager of the Regulatory Authority, COVID-19 related insurance claims paid as of 31 July 2020 have reached 134 million AED (36.475 million USD).

It was on the sidelines of the online forum on “The future of insurance sector post Covid-19” that Mr. Al-Zaabi underlined the capacity of the Emirati market to face the challenges. With sufficient liquidity and good solvency, insurers are believed to avoid numerous losses.

For the record, the Emirati insurance market recorded 44 billion AED (11.97 billion USD) in premiums by late 2019.