Stronger rules sought for insurance market

ABU DHABI — New, inexperienced insurance companies offering unrealistically low premiums pose a risk to the insurance market in the country, a leading insurance expert has warned.



By Asma Hamid (Our staff reporter)

Published: Wed 11 Jun 2008, 1:20 AM

Last updated: Sun 5 Apr 2015, 6:26 PM

Dr Michael Bitzer, CEO of the National Health Insurance Company-Daman, has said that although the increased competition between insurance companies is a positive development, which can lead to better services, an immediate risk is the appearance of companies offering extremely low premiums in order to woo customers.

Speaking at a Press Conference in the capital yesterday, Dr Bitzer called for stronger regulation of the insurance sector, in order to secure a strong insurance market in the country.

"In the 1990s, the Saudi insurance market was destroyed by a lack of regulation. Now, as the UAE witnesses increased competition in the health insurance sector, it must have stronger regulators to regulate the market," said Dr Bitzer.


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