What's happening in the industry? The UAE Insurance Authority now is part of the UAE Central Bank. It is now an acknowledgment that insurance is no more a sub-set within the overall Banking and Finance but an important arm of the economy. The industry goes about its commitment silently by ensuring that business is sufficiently protected. The industry also picked up the tabs on various lines of business following the pandemic. Finally, insurance is stepping out and now coming under its own spotlight. Electronic and Digital revolution initiative During the course of the year, IA promulgated the Electronic Insurance Regulations thus paving the way for InsurTech companies to set shops and flourish. It is an admission that Digital & Technology is here to stay. Companies will have to adopt or perish. We see close on the heels the Central Bank also opening a separate division for Fintech. Does this mean that open banking system is a reality? Is it only for General Insurance? N
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