For those busy insurance/reinsurance professionals out there,
BSA have provided a snap-shot of last year's UAE insurance laws
and what to watch out for in 2021.
The formal declaration of the outbreak of Coronavirus as a
pandemic (Covid-19) on 11 March 2020 sent shockwaves around the
world and the insurance industry has been hit hard. While the
market was already struggling with hardening rates and lack of
capacity, Covid-19 added fuel to the fire and saw several
reinsurers pulling out of the region, until things settle down.
The economic fallout following Covid-19 radically shifted
consumer needs, habits, and expectations, while also forcing the
insurers to transform their operations overnight to ensure that
business kept going on even if the employees did not have physical
access to the office and support infrastructure. As trading and
businesses came to a halt, there was an unprecedented downturn in
the demand for insurance. The mandatory insurances, health
