TO BE Alert to our clients’ needs by providing out-of-the-box insurance solutions through experienced and dedicated staff.
CHAIRMAN’s
STATEMENT
“
ON BEHALF OF THE BOARD OF DIRECTORS, I AM PLEASED TO PRESENT TO YOU THE INSURANCE HOUSE ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023.
For the year ended 31 December 2023, IH has registered a Total Comprehensive Loss of AED 41.01 million, compared to a Total Comprehensive Loss of AED 28.35 million in the previous year. The current year’s losses were primarily sustained in the Motor business where cut-throat competition amongst insurers led to very low rates of insurance premium that was not commensurate with the underlying risk being underwritten. IH Management has already taken the necessary corrective actions to restore the health of this portfolio and expects improved results going forward.
Mohammed Abdulla Jumaa Alqubaisi
MISSION
STATEMENT
VISION
STATEMENT
insurance house aspires to be a leader in its domain by providing superior insurance solutions to its clients in the UAE market.
BOARD OF DIRECTORS
-
Mr. Mohammed
Abdulla Jumaa Alqubaisi Chairman -
Ms. Alia Abdulla
Al Mazrouei Vice Chairman -
Mr. Khaled
Abdulla Alqubaisi Board Member -
Mr. Abdulmajeed Ismail
Ali Abdulrahim Alfahim Board Member -
Mr. Murtadha Mohamed
Sharif Alhashmi Board Member -
Mr. Jassem
AlDhaheri Board Member -
Mr. T.K
Raman Board Member
STATEMENT OF FINANCIAL POSITION
For the year ended 31 December 2023, IH has registered a Total Comprehensive Loss of AED 41.01 million, compared to a Total Comprehensive Loss of AED 28.35 million in the previous year. The current year’s losses were primarily sustained in the Motor business where cut-throat competition amongst insurers led to very low rates of insurance premium that was not commensurate with the underlying risk being underwritten. IH Management has already taken the necessary corrective actions to restore the health of this portfolio and expects improved results going forward.
NOTES TO
FINANCIAL
STATEMENTS
Insurance House P.J.S.C. (the “Company”) is a public joint- stock company registered and incorporated in the Emirate of Abu Dhabi, United Arab Emirates and is engaged in providing all classes of non-life insurance solutions in accordance with Federal Decree Law No. (48) of 2023 Regulating Insurance Activities (previously Federal Law No. 6 of 2007 as amended). The Company was established on 8 December 2010. The Company performs its activities through its head office in Abu Dhabi and branches located in Al Samha, Dubai – Sheikh Zayed Road, Sharjah, Mahawi and Motor World.
On 2 October 2023, the Federal Decree Law No. (48) of 2023 Regulating Insurance Activities was issued and came into effect on 30 November 2023 which repealed the UAE Federal Law No. 6 of 2007. The Companies must within a period not exceeding (6) six months from the date of the enforcement of its provisions from 30 November 2023 (“the transitional period”) comply with the provisions of the UAE Federal Decree Law No. (48) of 2023 Regulating Insurance Activities. The Company will perform the necessary amendments to its Articles of Association in order to align with the new provisions and the requirements as approved by the General Assembly of shareholders and subject to regulatory approvals.