UAE insurance market development measures

The Central Bank of the United Arab Emirates (CBUAE) has decided, during a meeting with insurance industry representatives held on 14 November 2022, to introduce new measures aimed at improving the performance of local insurers.

The initiatives proposed by the CBUAE include:

• the establishment of an insurance Ombudsman service called "Sanadak". This structure is intended to provide customers with easy access and quick claims processing
• Achieving a 30% emiratization by 2026 through the creation of 1 500 new jobs in the insurance sector for Emirati citizens
• Implementing a financial infrastructure transformation program to drive the digitization of the sector and further enhance the efficiency of insurers.