Mohamed Hamada, General Manager of Al Ain Ahlia Insurance, told Al Khaleej:
Abu Dhabi: Adnan Najm
Muhammad Mazhar Hamadeh, General Manager of Al Ain Al Ahlia Insurance Company, confirmed that intense competition and falling prices are putting pressure on the results of insurance companies in general, and this is what we saw in the results of the first half of this year, explaining that the matter is due to harmful competition, with regard to car insurance and health insurance. This affected all parties, whether the insured or the companies.
In an interview with Al-Khaleej, Hamada attributed the decline in profits and losses incurred by insurance companies to irresponsible competition, blaming the management of some companies for that, especially with regard to car insurance.
Hamada said: “The regulatory authorities have set the car insurance tariff, within the minimum and upper limits, after careful studies of it, in a way that serves the interest of all parties, whether the insured or the companies, but some companies did not adhere to the tariff prices, which created unfair and unfair competition.” Responsible, as the services declined, as a result of insufficient premiums for the insured risks.
He added, “The regulatory authorities have done well by circulating to companies to adhere to the insurance rates approved by them.”
The general manager of the company pointed out that the rest of the insurances practiced by good companies, in light of the presence of large projects implemented by government agencies, where reinsurance companies intervene with pricing, which makes the prices suitable for the risks covered, whether on engineering projects, property, gas, oil, and others.
The largest in the region
Hamada stressed that the UAE market is the largest, in terms of the volume of insurance premiums in the Arab world, and enjoys high insurance and professional competencies, and even matches global competencies, pointing out that the intensity of competition between insurance companies will decrease, after the decision of the regulatory authorities, stressing that adherence to this decision, It will contribute to improving the conditions of companies and the quality of services provided, as the public will benefit, by providing better services with the commitment of insurance companies to them, especially when the premiums are fair and appropriate for all parties.
Hamada revealed that Al Ain Al Ahlia Company is in the process of providing its services 100% digitally, before the end of this year, pointing to the possibility of customers digitally insuring their cars through the company’s application, and benefiting from other insurance services.
He said, “We are the most specialized company in the field of energy insurance (oil and gas), and in the field of aviation and marine insurance (hulls and freight). We also recently launched the insurance program for students and parents, and other insurance products are being studied.”
2023-08-21 18:37:27
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