UAE Insurance Authority -Introduces Crisis and Emergency Room for Insurance Sector
The Insurance Authority (IA) has established a room for crisis and emergency management for the insurance sector to ensure coordination of national efforts during emergency events, crises and disasters in accordance with national plans for response and recovery.
The establishment of this room is within the framework of strengthening joint cooperation between government bodies with respect to supporting measures to counter the impacts of the Coronavirus “COVID-19”. Further, it aims at managing the operations centers related to the insurance sector during crisis and emergency time, so that it will be a coordinating center in cooperation with the concerned authorities in the State to ensure coordination of efforts in all response and recovery activities.
The introduced room will practice its work in cooperation with the concerned authorities in the State, including the Ministry of Interior, Ministry of Health of the Prevention, and National Emergency Crisis and Disaster Management Authority (NCEMA). The Insurance Authority conveyed its readiness for any joint cooperation with these bodies during the current stage, as an integral part of a common national action system in which all efforts are combined to contain the repercussions of this global crisis.
The IA has recently launched several stimulus packages to support the insurance sector in countering the repercussions of Coronavirus. Moreover, the IA has issued several circulars on precautionary and preventive measures to preserve public health, the safety of all employees, as well as, ensuring business continuity in the insurance sector.