Al Mutaiwee: Insurance Companies Represents 60 % of Working Companies in Dubai
Dubai Chamber of Commerce & Industry (DCCI) yesterday (Monday) hosted the first seminar arranged by the Insurance Business Group on the effective leadership fundamentals. Mr. Abdul Rahman Ghanem Al Mutaiwee, Director General of DCCI, inaugurated the seminar, with the presence of Mr. Tariq Hilal Lootah, Director of Trade and Industrial Development Department in DCCI, and the chairman and secretary general of the Insurance Business Group and more than 70 insurance companies' heads, brokers and consultants in Dubai.
Al Mutaiwee welcomed the participants of the seminar and stressed the importance of the DCCI to host such workshops for different business groups which operate with the full support of the Dubai Chamber aiming to strengthen and activate the relations among its members and create a proper atmosphere to discuss all related issues and methods of developing their businesses.
"We are moving into a stage of unprecedented economic growth on various fronts, as Dubai is considered an economic model to pursue in the region thanks to its high quality infrastructure and business competitive environment. Dubai is now going through a transformation process from being a business hub in the Middle East to become a world class business and logistic center," said Al Mutaiwee.
He pointed out that the insurance sector is the backbone of any business in general, and logistics in particular, which is one of the biggest revenue providers due to its highly diversified requirements ranging from shipment of goods, storage, warehousing of commodities and perishables, to fire, flooding, building insurance and staff medial policies.
The DCCI's Director General noted that the UAE boasts the largest number of insurance companies in the region. According to the DCCI's database, there are around 45 active insurance companies operating in Dubai up to July 2005. "Most of these companies are classified in the middle-sized category that employ between 20 to 49 workers, and these insurance companies represent 60 % of the working companies in Dubai," Al Mutaiwee added.
He said: "The total written insurance premiums in the UAE reached AED 4.8 billion, AED 3.9 billion of which are related to non-life premiums and AED 800 million for life premiums during 2003."
He added that the overall premiums rose nominally by 21 % in 2003 with non-life premiums growing by 21.6 % and life premiums rising by 17.6 % compared to 2002.
Al Mutaiwee said that the number is expected to increase, especially after the entry of international companies to the local market following last year's decision to open the market before foreign competition.
"This means that the insurance sector has entered a new dynamic development stage and has to face different challenges, not only to sustain the standards already achieved, but also to exceed those levels and reach the international levels which the sector is aspiring," he said.
The 'Effective Leadership Fundamentals" seminar is the first seminar to be arranged by the Insurance Business group for its members with the aim to trains them on finding out the appropriate motivations to help develop their activities and their communication with their working staff and clients.
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© Press Release 2005
