Latest news with #DubaiNationalInsurance
Zawya
28-04-2025
- Business
- Zawya
Dubai National Insurance's general assembly raises cash dividends for 2024
Dubai – Dubai National Insurance announced that the general assembly approved a 15% cash dividend to shareholders amounting to AED 17.32 million, according to a press release. Khalaf Al Habtoor, Chairman of Dubai National Insurance, commented: "DNI's insurance revenue rose to AED 469.10 million in 2024, up from AED 448.30 million in 2023, an increase of 5%.' 'DNI reported strong profitability for 2024, achieving a full-year (post tax) net profit of AED 53.50 million, an increase of 13.60% over the previous year,' Al Habtoor mentioned. He noted: 'As a result, we have increased the dividend from AED 11.55 million to AED 17.32 million, reinforcing our commitment to delivering shareholder value. This strong financial performance was a result of prudent underwriting strategies and strong investment income and are particularly commendable given the unprecedented challenges faced by the UAE insurance industry due to the April floods.' Source: Mubasher
Zawya
24-04-2025
- Business
- Zawya
Dubai National Insurance approves a cash dividend of 15% at the Annual General Assembly meeting
Dubai: Dubai National Insurance (DNI), one of the leading insurance companies in UAE, held its Annual General Assembly Meeting today that was led by Khalaf Ahmad Al Habtoor where the Board announced a 15% cash dividend to shareholders amounting to AED 17.325 million. Khalaf Al Habtoor, Chairman of the Board of Directors at DNI, commented: "We are proud to report strong underwriting performance and excellent profitability for the year 2024, underlined by our net profit figures. DNI's insurance revenue rose to AED 469.1 million in 2024, up from AED 448.3 million in 2023, an increase of 5%. DNI reported strong profitability for 2024, achieving a full-year (post tax) net profit of AED 53.5 million, an increase of 13.6% over the previous year. As a result, we have increased the dividend from AED 11.550mn to AED 17.325mn, reinforcing our commitment to delivering shareholder value. This strong financial performance was a result of prudent underwriting strategies and strong investment income and are particularly commendable given the unprecedented challenges faced by the UAE insurance industry due to the April floods.' Adding to this, A.R. Srinivasan, Chief Executive Officer at DNI, said, 'DNI experienced another successful year, characterised by significant underwriting growth across key business lines and strong investment income in our net profit. The devastating floods of 2024 were a pivotal moment for the industry, reinforcing the crucial role we play in protecting businesses and individuals. At DNI, we responded swiftly by accelerating claims settlements, enhancing our digital capabilities, and improving customer service. We remain dedicated to advancing our automation and digitalisation efforts to deliver faster, more efficient service while continuing to maximise shareholder value and contribute meaningfully to the community." To conclude, Al Habtoor said, 'We extend our sincere gratitude to the visionary leadership of the UAE and the esteemed regulatory authorities, whose unwavering support, progressive policies, and commitment to fostering a resilient and thriving economic environment have enabled our growth and success. I would also like to thank our management, business partners, and the dedicated team at DNI for their continued efforts. Together, we will continue creating value for both our policyholders and shareholders. We remain committed to delivering sustainable growth, operational excellence, and long-term value, ensuring DNI is positioned among the regional market leaders by leveraging our innovative capabilities and differentiated offerings." As the UAE's economy evolves, DNI remains committed to building a resilient, future-ready insurance business that delivers sustainable returns and drives meaningful societal impact. About DNI One of the leading Insurance Companies in UAE, Dubai National Insurance (DNI), has been operating since 1991 with a branch in Abu Dhabi. We are a multiline insurer with products spanning Motor, Medical, Travel, Home and other commercial insurances like Group Medical, Group Life, Engineering, Marine, Property and Liability. Our expert team of insurance and reinsurance professionals will provide the best insurance policies at competitive rates compared to industry peers. Our hassle-free claims services will enhance our mutual relationship. DNI puts customer experience, innovation, financial stability, and value creation on our priority list with the approach to design tailored solutions based on a comprehensive understanding of customers and protection needs. DNI has engaged in broadening its distribution platforms and entered strategic partnerships for underwriting growth. Website:
Zawya
21-04-2025
- Business
- Zawya
Dubai National Insurance successfully launches innovative insurance product for the blue-collar segment
Dubai - Dubai National Insurance (DNI), one of the leading insurance companies in UAE, in collaboration with Nexus Insurance Brokers, successfully launched an innovative insurance solution 'Group Protection Plan', tailored for the blue-collar segment in an exclusive event. This initiative marks a significant milestone in enhancing the welfare of the Indian expatriate community in the UAE. At the Event, held in the Indian Consulate, The Consulate General of India in Dubai, welcomed guests at the event and reaffirmed their commitment to the well-being of Indian expatriates and played a pivotal role in supporting this important initiative. The new insurance solution sets a new benchmark in addressing the unique needs of vulnerable workers, offering comprehensive financial protection and support. Speaking on the significance of the initiative, Mr. Satish Kumar Sivan, Consul General of India in Dubai, said: 'This provides crucial support to the families of labourers, a segment of society that has often been underrepresented, as it covers deaths that happen not just in the UAE, not just while they are at work, but also wherever they are in the world. At the Consulate, we have always prioritised the well-being of Indian expatriates and support companies and initiatives that reflect this commitment. We encourage employers to view this proposal positively, as it ultimately benefits their own members.' Mr. Tarun Khanna, CEO of Nexus Insurance Brokers, added, 'This collaboration highlights our shared mission to create a safety net for those who need it most.' Employers will benefit from the simplicity of securing Group Term Life Insurance policies for their blue-collar workforce through DNI. Underscoring DNI's commitment to worker welfare, Mr. A R Srinivasan, CEO of DNI, emphasized, 'Blue-collar workers are the backbone of many industries, yet their access to financial protection and healthcare is often limited. This product exemplifies our commitment to their welfare, providing robust and cost-effective insurance solutions.' The launch of this initiative reinforces DNI's broader mission to deliver inclusive and accessible insurance solutions that cater to the needs of all communities. By simplifying access to essential coverage, DNI and its partners aim to set a new standard for worker welfare in the UAE and beyond. About DNI One of the leading Insurance Companies in UAE, Dubai National Insurance & Reinsurance (DNI), has been operating since 1991 with a branch in Abu Dhabi. We are a multiline insurer with products spanning Motor, Medical, Travel, Home and other commercial insurances like Group Medical, Group Life, Engineering, Marine, Property and Liability. Our expert team of insurance and reinsurance professionals will provide the best insurance policies at competitive rates compared to industry peers. Our hassle-free claims services will enhance our mutual relationship. DNI puts customer experience, innovation, financial stability, and value creation on our priority list with the approach to design tailored solutions based on a comprehensive understanding of customers and protection needs. DNI has engaged in broadening its distribution platforms and entered strategic partnerships for underwriting growth. Website: About Nexus Insurance Brokers Nexus Insurance Brokers is one of the region's premier insurance and financial advisory firms, committed to serving diverse customer needs.
Khaleej Times
09-04-2025
- Business
- Khaleej Times
InsurTech Growth: How Fintech is Reshaping the UAE Insurance Market
Fintech is revolutionising the insurance sector by enhancing data-driven decision-making, improving customer engagement, and fostering innovation through InsurTech. As the industry continues to evolve, embracing these technological advancements will be essential for insurers looking to remain competitive and meet the ever-changing demands of their clients, according to experts. Referring to latest data, leading executives in the insurance industry said the UAE fintech market, including its insurance segment, is experiencing rapid growth and projected to reach $3.56 billion in 2025, with a compound annual growth rate of 12.56% through 2030. S&P Global Ratings has also estimated that the UAE's insurance sector will maintain positive growth prospects in 2025, with growth expected to range between 10% and 20% in 2025, following an estimated 20% expansion in 2024. The agency also highlighted that other Gulf countries will experience similarly favourable growth conditions in their insurance markets, with expected growth rates ranging from 5% to 15%, depending on the circumstances of each country. Driving Innovation A.R. Srinivasan, Chief Executive Officer, Dubai National Insurance (DNI), said fintech is playing a transformative role in the UAE insurance industry by driving innovation, enhancing efficiency, and improving customer experiences. 'The UAE, known for its forward-thinking approach to technology and finance, has become a hub for fintech advancements, including within the insurance sector, often referred to as 'InsurTech',' Srinivasan told BTR. Despite its progress, he said fintech in the UAE insurance industry also faces challenges such as legacy system integration, regulatory compliance, and consumer trust in digital-only offerings. 'These hurdles also present opportunities for innovation as in Insurtech firms can differentiate themselves by addressing underserved markets, such as low-income migrant workers, or by offering climate-resilient insurance products in line with the UAE's sustainability goals. All these are considered as part of our product development strategy,' he said. Emir Mujkic, Director of Insurance Ratings at S&P Global Ratings, said that digitisation is a critical factor in improving customer experience and driving sector growth. In a recent statement to the Wam, he mentioned that leading UAE insurance companies are heavily investing in automation and digital transformation to enhance operational efficiency and increase their market competitiveness. He explained that digital transformation is expected to offer benefits such as improving customer experience by providing easier access to insurance products through digital platforms, delivering more tailored services through advanced data analytics, and streamlining the claims process. 'These efforts will contribute to higher customer satisfaction and increased participation in insurance services.' Reshaping Insurance Landscape Avinash Babur, Founder and CEO, said fintech plays an role in strengthening insurance business across the globe and the UAE has no exception. 'Absolutely! Fintech is a game-changer for the insurance industry, driving efficiency, transparency, and customer convenience. From AI-driven underwriting to instant policy issuance and claims automation, technology is making insurance smarter, faster, and more accessible,' Babur told BTR. 'At we've always believed in leveraging cutting-edge tech to enhance the customer journey — whether it's our market-leading digital platform, InstantAlfred for 24/7 assistance, or our seamless online purchasing experience. The future of insurance is digital, and fintech is at the heart of that evolution,' he said. Babur said the UAE has always been at the forefront of digital transformation, and fintech is reshaping the insurance landscape in a big way. 'With AI and big data, insurers can assess risk more accurately, leading to personalised pricing and better coverage options. Automation reduces processing times for everything from policy issuance to claims settlements, enhancing customer satisfaction,' he said. He said InsurTech solutions also improve fraud detection, ensuring a more secure and reliable ecosystem. 'At we've built a digital-first platform that gives customers more control and choice, enabling them to compare, customise, and purchase policies in just a few clicks. This is the kind of convenience and innovation that fintech brings to the UAE's insurance market.' To a question about the company's plan to introduce an insurance product with the latest fintech features, he said: 'Innovation is in our DNA, and we're always exploring new ways to enhance the customer experience through fintech. Our goal is to make insurance simpler, faster, and more intuitive.' 'Whether it's AI-driven recommendations, blockchain for secure transactions, or seamless embedded insurance solutions, we are continuously integrating the latest technologies into our platform. We've already revolutionised the way customers buy insurance in the UAE, and we're committed to staying ahead of the curve with even more tech-enabled solutions in the near future. Stay tuned!' More Tailored Products Analysts and experts said fintech has become a transformative force in the insurance industry, reshaping traditional business models and enhancing customer experiences. 'At its core, fintech leverages technology to streamline insurance processes, optimise risk assessment, and improve operational efficiency. This transformation is pivotal as consumers increasingly demand speed, transparency, and personalisation in their financial services,' says an expert. One of the most significant impacts of fintech on insurance is the adoption of advanced data analytics and Artificial Intelligence. Insurers can now analyse vast amounts of data from various sources, including social media, wearables, and IoT devices, to gain insights into customer behavior and risk profiles. 'This enables insurers to create more tailored products and optimise pricing strategies. For example, usage-based insurance models — where premiums are determined by real-time data on driving habits — are a direct result of fintech innovations.' Moreover, fintech facilitates improved customer engagement through digital platforms. Insurers are developing user-friendly apps that allow clients to manage policies, file claims, and access support services instantaneously. This shift not only enhances customer satisfaction but also leads to decreased operational costs for insurers. The emergence of InsurTech startups, which combine innovative finance with insurance solutions, has disrupted the market further. These startups leverage cutting-edge technologies like blockchain for secure transactions, creating an environment of trust and efficiency that traditional players often struggle to match. This innovation fosters competition and encourages established insurers to adapt and integrate new technologies into their operations. HOW FINTECH HELPS INSURANCE BUSINESS IN THE UAE A.R. Srinivasan, Chief Executive Officer, Dubai National Insurance, shares an overview of how fintech is shaping the UAE insurance industry: Digital Transformation and Customer Accessibility is making insurance more accessible to UAE residents through digital platforms. Online insurance marketplaces and mobile apps allow customers to compare policies, purchase coverage, and manage claims seamlessly. This shift aligns with the UAE's growing demand for convenient, tech-driven financial services, fuelled by a tech-savvy population and high mobile penetration. Enhanced Efficiency Through Automation is streamlining traditional insurance processes such as underwriting, claims processing, and policy issuance. By leveraging technologies like Artificial Intelligence (AI) and machine learning, insurers can automate repetitive tasks, reducing operational costs and processing times. Personalised Insurance Offerings: The use of big data and analytics, key components of Insurtech/Fintech, allows insurers in the UAE to offer tailored products based on individual customer needs. This personalisation enhances customer satisfaction and helps insurers remain competitive in a crowded market. Improved Risk Assessment and Fraud Detection: AI and Blockchain are enhancing risk management in the UAE insurance industry. AI-powered algorithms can detect patterns indicative of fraudulent claims, while Blockchain ensures secure, transparent data sharing between insurers, customers, and regulators. Embedded Insurance and Partnerships enables the integration of insurance into other digital platforms, known as embedded insurance. In the UAE, this trend is emerging as Insurtech/Fintech firms collaborate with e-commerce platforms, ride-hailing services, or banks to offer insurance at the point of sale. Regulatory Support and Innovation Hubs: The UAE government and regulatory bodies, such as the Central Bank of the UAE (which oversees insurance since its merger with the UAE Insurance Authority in 2020), actively support Fintech innovation. Initiatives like the Dubai International Financial Centre's Fintech Hive provide Insurtech startups with mentorship, funding, and regulatory sandboxes to test new solutions. These efforts foster a conducive environment for fintech to thrive in the insurance space, aligning with national goals like the Dubai Cashless Strategy and Financial Infrastructure Transformation Programme. — muzaffarrizvi@
The National
26-03-2025
- Business
- The National
New life insurance plan for Indians in UAE with Dh35,000 payout offers 'critical support' to families
A comprehensive insurance scheme launched to provide a safety net to millions of Indian blue-collar workers living in the UAE has been expanded. The group Life Protection Insurance plan – introduced by the Consulate of India last year – has won the support of two more companies, Dubai National Insurance and Nexus Insurance Brokers. The coverage provides life insurance, disability benefits and repatriation services. The Indian Consulate urged companies with large numbers of blue collar workers to look at insurance options that would benefit labourers in case of natural death or disability in the UAE and overseas when they were not at their work place. The insurance product can be purchased by businesses in the UAE on behalf of their employees. Satish Kumar Sivan, Consul General of India in Dubai, said it was vital to provide support to families when their sole earning relative died overseas. 'This gives very critical support to families of laborers who unfortunately pass away in cases of natural death,' he said. 'It covers deaths which happen not just in UAE, not just while they are at work, but also wherever they are in the world. It also covers partial and full disabilities, covers repatriation of mortal remains, which is a very critical element for families for a nominal fee. 'That's important as the family is suffering, the bread winner has gone, so that's a huge category of people that are not covered." All full-time Indian employees registered to work by authorities in the UAE are eligible for support. A minimum of 10 workers is required for the group coverage. Indian citizens aged 18 to 69 can be covered, with the insurance plan running for 12 months. The insurance covers death by any cause and permanent disability (up to a sum of Dh35,000) and repatriation costs following a death, up to Dh12,000 for a nominal annual sum of Dh32. The Indian Consulate established the dedicated insurance plan to help plug gaps in access to support for its citizens. It was found that while companies insured their employees who were covered under health and workmen's compensation for work-related injuries and deaths, there was no mandatory insurance coverage for natural death, so families did not receive compensation. The consulate last year helped to link companies with insurance firms such as Gargash Insurance Services and Orient Insurance for similar packages that covered both natural and accidental death in the UAE and worldwide. About 7,000 workers have been signed up for the group insurance plan over the past year – the small numbers reflect the need for more firms to sign on. Additional companies brought on board this year provide employers with more options and benefits labourers, the consulate said. 'We encourage employers to look at this proposal with a positive outlook because it is going to benefit your own workers who are not covered by life insurance because the idea is to reach that labour community not covered for deaths arising out of natural causes,' Mr Sivan said. 'The consulate's interest is to benefit the labour class, we bring together two critical components that are necessary for the welfare of labour, which is the insurance company and employees." Anthony Cerchiai, head of general insurance at Nexus Insurance Brokers, spoke of the social responsibility to protect the blue collar workers. 'We wanted to do something for the protection of the people who are always hard at work and prepare a programme at a very affordable premium,' he said. 'We will promote this product in each workers' camp in the UAE.' Dubai National Insurance said the plan primarily targetted Indian blue-collar workers but they were open to firms signing on workers from other nationalities. The insurance scheme is the latest move in support of a historic friendship between India and the UAE. More than 4.3 million Indians call the UAE home, making up the largest expatriate contingent in the UAE. They serve not only as the backbone of the country's workforce but as a driver of economic growth, with a number of prominent Indian business people setting up companies in the country and continuing to invest heavily in its development. Indian blue collar workers make up about 65 per cent of the Indian population and are one of the largest group of migrant workers in the Emirates. A second initiative launched for labourers on Wednesday was an eight-week digital literacy progamme aiming to reach about 5,000 workers in the first year. The consulate has partnered with the Kerala Muslim Cultural Centre to teach labourers how to protect themselves from cyber fraud. 'We want to skill our laborers … give them a bit of spur to use technology to protect themselves,' Mr Sivan said. 'It is important for us to ensure that our friends and brothers in this community are thoroughly equipped to face the challenges of the modern world.' Workers are often been duped into transferring money to scamsters who promise them jobs in the UAE, UK and US. The programme aims to help workers to spot scams. KMCC officials said the digital education would run in English, Hindi and regional Indian languages. 'We want to help prevent them getting caught in scams,' said Umer Abdussalam, chief executive Edapt that will run the programme. 'We will enhance their knowledge and skills to help them spot fraud. AI is getting better and they may not be familiar with it so we can introduce them to tools so they better understand.'
