How Emirates Insurance Became a Leading National Force in the UAE Insurance Market

Founded under the patronage of Sheikh Zayed Bin Sultan Al Nahyan through Law No. 6 of 1982, Emirates Insurance Company (EIC) has grown to become a fortified pillar in the UAE’s insurance market for nearly four decades. From starting out as a single branch in Abu Dhabi to more than 30 offices across the country and over 250 skilled professionals, EIC has traveled a long way. As a semi-government organization, EIC combines public service ethos with commercial expertise in order to meet the best insurance solutions for its customers and ensure sustainable shareholder returns. In this context, it stands as the leader among the largest insurers in the UAE and has set the benchmark for growth, innovation, and service in the region.

The Emirates Insurance Company supports its growth for not only itself but also for its shareholders. In order to gain such a milestone, the company thoroughly measures each business opportunity by risk and cost. With a disciplined underwriting strategy, sound management of the cycle, and effective resources, EIC aims not to be less profitable but to expand the reach in every sector of insurance. By focusing on economic profit, EIC builds a solid foundation-the stronger it is for consumers and other stakeholders to conduct business with. In the insurance line, stability is paramount. Emirates Insurance adopts an all-around approach to minimize investment volatility while maximizing attractive risk-adjusted returns. EIC has established an diversified portfolio of investments as opportunities are grasped while major downside exposure is mitigated against. This will ensure that even under very volatile market conditions, the company will still be able to achieve sustainable earnings as well as maintain good service to its clients.

Rapid growth in the UAE economy and shifting risk landscapes offer Emirates Insurance all the opportunities it needs to further consolidate its position in the insurance industry of the UAE as a fully-fledged national insurer. EIC takes these opportunities by expanding to new markets within the UAE and launching new products for its existing markets. It is a customer-centric company that, not only wants to penetrate deeper with the current set of customers but also to lure the new customer base through their offerings. The company’s capability related to asset management and the more specialized in-house developed risk models would add significant value for clients. People are at the heart of Emirates Insurance success. The company has nurtured its commitment to fostering a results orientation culture, through which it has experienced organizational excellence. Very skilled professionals who are committed to providing top-quality insurance solutions form EIC’s team. Cross-functional teams will ensure that the company work environment is an innovation and collaboration zone, which in itself can have positive effects on clients in terms of improved service but would assist with effective risk control, disciplined underwriting, and transparency, thereby resultant on sustainable returns on earnings for shareholders.

EIC International was formed in 2012 using a vision to extend Emirates Insurance’s operations beyond the UAE. The international wing has initially had facultative capacity offered to the Afro-Asian energy and marine markets and has subsequently taken up the non-marine reinsurance business line. EIC has positioned itself as a regional player that is capable of successfully addressing the diverse needs of clients originating from various industries by complementing its existing retail domestic business with cross-border offerings. Emirates Insurance places its highest emphasis on delivering best-in-class customer service. Effectively, this customer-first approach drives the initiatives that develop effective insurance solutions to fit the needs of their clients. Atop of all customer service, it helps build loyalty to clients on one end and sets them high in the industry on the other.

Emirates Insurance has integrated ERM to facilitate sustainable growth. ERM represents the method of sustaining the company’s competitive advantage while attempting to maximize costs of the management of risks through generating business excellence. The corporation has always kept track and adjusted its appetite regarding both insurance and investment risks in the quest for high-quality services and stability within a competitive market.

Emirates Insurance Company Envision to be a balanced national leader in the industry by combining professional capabilities and expertise with customer focus for profitable growth. The mission of the company is to lead as a national insurance company with international standards of performance, providing competitive products and superior profitability. Combining aggressive selling, performance-based culture, and uncompromising risk management, EIC maintains its position as one of the leaders in the United Arab Emirate’s insurance market.