New regulation of life insurance and family takaful in the United Arab Emirates

The supervisory authorities have published a new regulation of life insurance and family takaful, consistent with international standards. The objective is to make insurance contracts transparent and to standardize the practices of selling, takeover and reimbursing policies.

This modification could improve the penetration rate of insurance in the Emirates. For the record, the life market (traditional and takaful) totalizes 27.4% of premiums, that is 3.3 billion USD in 2018.