Sharjah Chamber of Commerce and Industry held on Monday a workshop introducing commercial insurance, in cooperation with the Insurance Authority, at the headquarters of Sharjah Chamber to spread awareness of insurance in the commercial companies’ sector.
The workshop was attended by HE Abdullah Sultan Al Oweis, Chairman of the board, HE Mohammad Ahmed Amin, Assistant Director General for the business sector, department directors and section heads, in addition to businessmen and representatives of commercial and industrial companies in Sharjah.
The workshop reviewed commercial insurance as protection for property and protection against insolvency, and as an aid to enter into large enterprises that provides necessary financing for economic enterprises as needed.
Federal Law No. 6 of 2007 on establishing the Insurance Authority was reviewed as a regulator for this sector and competition enhancer in the local market, supporting diversification of the economy to achieve comprehensive development.
Directives and regulations issued by the insurance authority were reviewed, including the executive regulations for establishing the Authority, money laundering, financing terrorism, damage assessment and instructing insurance companies, organizing insurance agents and instructing insurance companies on financial matters.
HE Mohammad Ahmed Amin of the Chamber’s business sector said on opening the workshop: “ Sharjah emirate, with the wise leadership of HH Sheikh Dr. Sultan bin Mohammad Al Qassimi, Supreme Council Member and Ruler of Sharjah, has been at the forefront in supporting investors and businessmen and protecting their right to insurance and investment and educating them on their rights and duties in line with the laws and legislation of the emirate.”
Amin continued: “This workshop embodies efforts made by the Chamber to hold legal and educational forums, providing an economic and investment environment that serves the economic sector in the emirate, as this workshop aims to specify the procedure for insurance that safeguards all parties’ rights and obligations and contributes to the sustainability of growth of companies and factories.”
On his part Maher Afanah, financial expert at the Insurance Authority, thanked Sharjah Chamber for hosting this workshop in order to achieve clear legal and technical principles and financial stability through internal work as well as such useful meetings.
Afanah stressed that “the Insurance Authority aims to regulate and supervise the insurance sector and develop insurance services and nationalize job vacancies in the insurance market, as the authority has made tangible achievements on these fronts,” and added “the Authority will enhance its role in developing the local insurance sector and widen its initiatives in legislation and creating partnerships to serve the national economy and enhance the role being played by the insurance sector in economic diversification.”
It is worth the mention that the Emirati insurance market is the biggest in volume of insurance premiums achieved among the GCC countries and the region as these have reached Dh37 billion, and investment made by local insurance companies have reached Dh40 billion.