UAE takes steps to boost role of insurance firms

The UAE has made strides towards optimising the insurance sector as per international standards, according to Deputy Director-General of the Insurance Authority.

Fatima Mohammed Ishaq Al Awadhi said the authority seeks to boost the role of the vital sector in the development of national economy and to increase its contribution to the country's gross domestic product.

She said the Insurance Authority, set up 18 months ago, has taken steps to boost the potential and competitiveness of national insurance firms and to help them face to regional and world challenges.

Al Awadhi said the establishment of the authority as an independent body has contributed to upgrading of insurance services.