Question

Imagine that you are expat investor and you want to establish an Insurance company in UAE. Which type of companies you will choose? and explain why? (700 words)

Answer 1

The UAE is one of the largest financial centres in the Middle East and is one of Dubai's most advanced markets in the insurance and reinsurance industry. Federal law No. 6 regarding the creation of a Insurance Authority and the supervision of insurance activities is the primary legislation regulating insurance and reinsurance undertakings in the UAE. The insurance policy is narrowly known. The Dubai international financial center free zone (DIFC) with its own laws and regulations on the opening of insurance corporations is one of Dubai's most prominent free zones that encourages the establishment of financial firms, including insurance.

For start or invest an insurance business in Dubai, you must first register with the Dubai Economic Department to get a license from the Insurance Authority. It is provided by type of services rendered. Operating licence. The documents of incorporation, and a collection of other relevant documents relating to the operation to be issued, must be prepared to create the business within the insurance industry in Dubai, notwithstanding the form of insurer. The only difference between insurance undertakings is the protection of the insurer, which is AED 3 million for insurance brokers. Nevertheless, all Dubai-based insurance companies must have different online technology programs. Considering that both Dubai companies and individuals may apply for a licence, licensing fees and requirements may be different for insurance agents and insurance consultants or to invest in an insurance company.

I would like to invest in the following companies due to their past records and rate of business:

Watania Insurance – Watania Insurance is one of the leading insurance providers that sells sharia-compliant Taka Insurance products, as an Abu Dhabi National Insurance Provider. Watania follows the Wakala concept as an Islamic financial service that serves its customers ' needs. Insurance-related customers can chooses from their own home insurance, insurance and voyage insurance solutions in accordance with their Arabic values and cultures. Watania also provides car insurance as one of the UAE's top car insurers.

Union Insurance – Union Insurance provides customers throughout the UAE and the Middle East with a complete range of retail and commercial insurance products. Its economic policies for corporate and individual insurers are valid. They include group health insurance, group life insurance, motor car insurance and expat insurance and international earnings insurance.

Adamjee Insurance – Adamjee Insurance Company Limited (AICL, in its Spanish initials) is one of Pakistan's biggest insurance companies. The major insurance products of the business cover fire and property insurance, health insurance, travel insurance, insurance for livestock, personal accident insurance, and Adamjee Car insurance of course.

In 1970 a decree from the Sheik Sheik Rashid Al Maktoum founded Dubai Insurance Company. It is one of Dubai and Abu Dhabi's largest insurance companies. You can choose from a full range of market offerings like motor insurance, property insurance, community health, and personal accident Insurance and company medical insurance for consumers who are searching for better coverage and protection options. Dubai Insurance includes home insurance, auto insurance, travel insurance and a lot more for personal insurance.

Al Wathba Insurance–Al Wathba Insurances has been offering excellent insurance policies in the UAE sector for more than 20 years. You will find the right insurance package for your needs with your devoted specialist and professional staff. Whether you're looking for corporate insurance or fire and general accident insurance, construction insurance or vehicle insurance, you've got an insurance plan for yourself, whether you're paying for insurance, car insurance, home insurance or travel insurance.

Included in the Qatar Insurance Company (QIC), I-Insured Insurance I-Insured insurance provides insurance options to Dubai since 1968. In 2011, Q Life and Medical Insurance Company was created to further expand their portfolio of insurance policies. We are proud to offer a wide range of products including a robust vehicle coverage, liability insurance, home material protection and personal accident insurance.

Al Fujairah National Insurance –Al Fujairah National Insurance, headquartered in Fujairah, was founded in 1976 and has its branches located in Abu Dhabi, Dubai. A broad range of consumer insurance products covers the coverage of homeowners, home insurance, personal accident insurance abroad, motor insurance, liability insurance, health insurance and property insurance.

Al Ain Ahlia Insurance Company – Al Ain Ahlia Insurance Company has established a reputation for offering tailor-made and exclusive insurance options from motor insurance to home and aircraft insurance to aerospace insurance.

Scandinavian Arab Insurance (ASCANA) – Arab Scandinavian Insurance (ASCANA) has been a reliable and efficient supplier of insurance services for a long period of time in the region. We say we satisfy the customer's needs irrespective of what kind of insurance policy they want. Including coverage with liability and travel insurance, medical groups and life insurance groups.