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High demand for "health" and "life" insurance products in UAE during Corona pandemic

Jassim Al-Siddiqi, chairman of the board of directors of "Salama Insurance" listed on the Dubai financial market, said the Corona pandemic has fueled growth in demand for health and life insurance products.

He stated that the company is gradually moving to gain a larger share of the UAE insurance market, noting that it aims to be among the top 3 UAE insurance companies within two to three years.

He indicated that the company managed during the first half of this year to face the doubts and challenges imposed by the Corona epidemic, according to the daily Al Khaleej.

He pointed out that the company continues on its upward growth path despite the uncertainty generated by the "Corona" crisis, explaining that the company is working to monitor economic developments with the aim of modifying coverage standards and defining solid frameworks for your product base in line with market conditions.

He added that the company monitors and studies the available and appropriate opportunities before it to achieve sustainable growth, either through direct expansion or through deliberate agreements.

Today, Salama Company released the size and percentage of its accumulated losses and the ways to deal with them, indicating that the accumulated losses in it amount to 373.2 million dirhams, which constitute 30.84 percent of its capital of 1,210 millions of dirhams.

The Islamic Arab Insurance Company (SALAMA) recently obtained approval from the Securities and Commodities Authority to increase the percentage of foreign ownership in its shares to 49 percent, instead of 25 percent.

The company indicated that it has contacted the Dubai Depository Company to initiate the activation procedures for this decision, confirming that it will announce the activation decision after its implementation.

The General Assembly of the Salama Company in May this year approved a proposal to increase the percentage of foreign ownership in the company's shares from 25 to 49 percent.

The company's financial results showed a decrease in net profit during the first quarter of 2020, by 8.7% year-on-year, to reach 13.65 million dirhams, compared to a gain of 14.96 million dirhams for the first quarter of 2019.