Union of Arab Insurance Supervisors discusses ways of countering COVID-19 effects on Arab markets

Photo: WAM

Ibrahim Obaid Al Zaabi, Director-General of the Insurance Authority and President of the Union of Arab Insurance Supervisors' held an e-meeting with the presidents of the Arab authorities overseeing the insurance activities of the union’s members.

During the meeting, the participants discussed the key efforts of Arab supervisory authorities in facing the implications of the novel coronavirus, COVID-19. These efforts are a part of the initiatives of the union’s General Secretariat, under the framework of the union’s keenness to promote cooperation among relevant authorities, to reinforce the capacities of the Arab insurance sector to face various challenges, such as the risks posed by viruses and communicable diseases.

During the meeting, Al Zaabi highlighted the importance of promoting cooperation between Arab insurance authorities in limiting the spread of coronavirus and the necessity of drafting initiatives and proactive plans.

He also stressed the importance of rapid action, providing incentive packages, and taking decisions that will help overcome current and future challenges facing Arab markets due to the spread of coronavirus.

Al Zaabi affirmed the importance of coordinating and exchanging knowledge and suggestions, to help overcome the social and economic challenges facing Arab insurance markets.

During the meeting, many ideas were raised on how to support the joint efforts of Arab insurance supervisory authorities to reduce the spread of the virus and mitigate its health and economic implications.

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