History of Insurance in the U.A.E.
Somehow in a very weird way we can almost say that insurance suits very well with the existence of human society. As we know, There are two types of human societies, the first one is the money economies which is about money and
Financial instruments and the second type is the normal economies which is not related to money, markets or Financial instruments. The second type which is the natural economies is older than the first one which is the money economies. In this economy and community, we can almost say that insurance is there to make people co-operate and give each other a hand of help. For example, if a house burns down the people around you will help you and build a new one for you. If something happens to the man next door you should also go help him so if anything happened. you help will be proceeded by your neighbors. This type of insurance (natural) still exists until this day that we live in some of the countries around the world where the first time of economy does not exists in their country.
Going back into ancient Babylonian history. Arabs were the first to think of insurance. Although Babylonians were not from the UAE (they come from what is ancient Iraq), the idea was passed along by traders and immigrants along the years to the Arabs in the UAE. Also the UAE discovered oil at around 1960s. From this discovery of oil, we know that the industry started almost a decade later. Insurance companies started appearing at around the same time the UAE started to industrialize and develop.
Insurance in Dubai looks like its very successful and increasing 20% per annum. The first reason is that The Country has introduced the health insurance policy to the people which must be provided by the people who work, exactly
like any other country around the world. The Dubai government is planning to make the Dubai international Finance Centre (DIFC) to grow amazingly even though its success in this field has been mixed
Unexpectedly some worldwide insurance companies are working in insurance in Dubai, as can be seen in a study of competitive conditions. Although the market is usually discontinued there are many rather small, regional firms. Royal/Sun Alliance has freely hinted that it is seeking to control market slice in the non-life market over the next three years. However, the life segment, which looks very immature, should grow faster.
The major segments in insurance in Dubai are:
General Insurance
Life Insurance
Transportation Risk Insurance
Credit and Saving Insurance
Health Insurance
Other Types Insurance
Links used: http://en.wikipedia.org/wiki/Insurance#History_of_insurance
Somehow in a very weird way we can almost say that insurance suits very well with the existence of human society. As we know, There are two types of human societies, the first one is the money economies which is about money and
Financial instruments and the second type is the normal economies which is not related to money, markets or Financial instruments. The second type which is the natural economies is older than the first one which is the money economies. In this economy and community, we can almost say that insurance is there to make people co-operate and give each other a hand of help. For example, if a house burns down the people around you will help you and build a new one for you. If something happens to the man next door you should also go help him so if anything happened. you help will be proceeded by your neighbors. This type of insurance (natural) still exists until this day that we live in some of the countries around the world where the first time of economy does not exists in their country.
Going back into ancient Babylonian history. Arabs were the first to think of insurance. Although Babylonians were not from the UAE (they come from what is ancient Iraq), the idea was passed along by traders and immigrants along the years to the Arabs in the UAE. Also the UAE discovered oil at around 1960s. From this discovery of oil, we know that the industry started almost a decade later. Insurance companies started appearing at around the same time the UAE started to industrialize and develop.
Insurance in Dubai looks like its very successful and increasing 20% per annum. The first reason is that The Country has introduced the health insurance policy to the people which must be provided by the people who work, exactly
like any other country around the world. The Dubai government is planning to make the Dubai international Finance Centre (DIFC) to grow amazingly even though its success in this field has been mixed
Unexpectedly some worldwide insurance companies are working in insurance in Dubai, as can be seen in a study of competitive conditions. Although the market is usually discontinued there are many rather small, regional firms. Royal/Sun Alliance has freely hinted that it is seeking to control market slice in the non-life market over the next three years. However, the life segment, which looks very immature, should grow faster.
The major segments in insurance in Dubai are:
General Insurance
Life Insurance
Transportation Risk Insurance
Credit and Saving Insurance
Health Insurance
Other Types Insurance
Links used: http://en.wikipedia.org/wiki/Insurance#History_of_insurance
