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Regulation Around the World: Open Finance
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Insurance focus: Key developments in the insurance sector in the Middle East
Middle East | Publication | September 2024
Heightened geopolitical tensions and the ongoing volatility in the Middle East have underscored the importance for both insurers and policyholders, to undertake a thorough review of the policy wording, coverage, exclusions and limits.
Highlighting key trends, important regulations, and case law decisions that are impacting the market, our inaugural newsletter, Insurance Focus, keeps you up to date with the latest developments and risk factors to consider when navigating the legal landscape.
In this first issue:
- An analysis of the establishment of Sanadak, an ombudsman unit for financial and insurance disputes, and the introduction of mandatory professional indemnity insurance for new categories of professionals in the UAE.
- An analysis of the Dubai Court of Cassation's recent decision upholding an insured's right to coverage despite 'late notification', and the wider ramifications of this ruling for the insurance industry.
- An assessment of the impact of recent geopolitical factors such as territorial conflicts on the industry.
At the beginning of the year we identified five key trends that would impact the insurance industry during 2024 and beyond, and each quarter we will be reviewing these from a Middle East perspective.
If you would like to receive our newsletter please contact us.
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