United Insurance launches Solidarity Insurance Plan

The United Insurance Company (U.I.C.) introduced a solidarity insurance plan in association with a number of Arab and Yemeni government and private companies at a seminar last week in the city of Sana’a. The seminar was put on with support from the Shikan Insurance and Reinsurance Company, which is based in Sudan, because of the importance solidarity insurance has in society.

Tareq Abdulwase Hael, the General Manager of the U.I.C. and a member of the board of directors, stated that the company hopes to make the society more aware of the importance of this kind of insurance and how various demographics in the community can make use of and benefit from it. Hael also mentioned that the insurance business has evolved tremendously and that solidarity insurance companies have seen significant technical and financial development; so much so that the estimated value of the business at the end of 2008 was about $2 billion. He said that the value is expected to increase to $4.7 billion by 2015.

“Participants in the seminar will be educated on the history of Islamic solidarity insurance and its development around the world, particularly in the Arab regions,” Hael explained.  He added that the participants will then be given a comparison between solidarity insurance and traditional insurance.

United Insurance has a special department specifically for solidarity insurance, which it established last year, in addition to its standard insurance services that the company provides.

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