RAS AL KHAIMAH - National Bank of Ras Al Khaimah, RAKBANK, today held a virtual conference explaining how sweeping changes to UAE legislation governing the selling of Life Insurance and Family Takaful products would have a positive effect on the life insurance sector in the UAE.

The live conference, Life Insurance Comes of Age in the UAE, was hosted by Peter England, CEO, RAKBANK and Frederic De Melker, MD of Personal Banking, RAKBANK in partnership with Dimitris Mazarakis, MetLife Gulf General Manager.

CEO of RAKBANK said, "Regulatory progress in the insurance industry as a whole is serving to boost customer appetite for insurance products, however the life insurance segment remains underpenetrated, however that is changing. The impact of the COVID-19 pandemic is causing increased interest in life insurance products in the UAE as expats and nationals are feeling a sense of urgency to ensure adequate financial planning to mitigate the impact of life’s unforeseen events.

"With customers focused on managing their portfolio and investing in the products they need to provide genuine security and peace of mind for themselves and their families, we chose to partner with MetLife to offer customers a new and simple value proposition that is transparent and accessible through a digital platform, M Power."

The conference follows the news of the 10-year strategic preferred partnership between RAKBANK and MetLife to provide comprehensive life insurance solutions to the Bank's customers across the UAE.

© Copyright Emirates News Agency (WAM) 2020.