The disruption caused by COVID-19 has had a wide-ranging effect
on the world economy and the overall economic slowdown and
disruption in the market has impacted the insurance sector as well,
but the UAE insurance market seems to have emerged resilient and is
continuing to grow year on year. Market reports state that Loss
Ratios continue to present a positive outlook and the total
comprehensive income for the first quarter of 2021 shows an
increase of 200 per cent for the corresponding period from the year
2020.
Insurance in the UAE is primarily regulated under Federal Law
no. 6 of 2007 concerning the Establishment of the Insurance
Authority and Regulation of Insurance Operations (the Insurance
Law). The Insurance Law sets out the requirement for an entity to
be able to carry out insurance business in UAE and sets out that
such entity must be either a UAE public stock company, with at
least 51 per cent of capital held by UAE or GCC Nationals, or legal
entities fully
