UAE: Sukoon set to tap government's insurance initiatives for growth
Source: Middle East Insurance Review | Apr 2025
Several developments, set to be introduced in the UAE in 2025, will bolster insurance industry revenues, provide a secure, healthy environment and improve the quality of life across the country, according to a report of the board of directors of Sukoon Insurance.
The report, which forms part of the company’s ‘Integrated Report 2024’, said that one development is the introduction of mandatory health insurance across the northern emirates. The compulsory scheme forms part of a comprehensive vision to expand the integrated social protection umbrella, which includes the Worker Protection Programme and the Unemployment Insurance Scheme.
“We also welcome anticipated compulsory introduction of the alternative end-of-service benefits system known as the ‘Savings Scheme’, fully replacing the current end-of-service gratuity mechanism,” said the report.
However, global geopolitical headwinds, a relatively high inflationary environment and unusual floods remain risks for 2025.
The report added, “Thus, pricing, cost discipline and claims management are paramount across consumer and commercial lines. To enhance customer experience even further, digitalisation and investments in technology will remain a priority to allow us to stay ahead of the curve.” M