UIC Acquires 45% Market Share

The United Insurance Co (UIC) continued to lead yemen’s insurance market with latest market figures showing the company controlling 45% of GWP in 2009 up from 42% the previous year. UIC also writes over 50% of the market’s fire, marine, and life businesses.

General Manager Tarek Hayel Saeed said that these figures confirm the strategy pursued by UIC for nearly 30 years. He added that the UIC management was keen to keep pace with the progress taking place across the world to ensure the provision of enhanced services and to maintain its leading and pioneer role in the yemeni insurance sector.

“This was translated into developing new products and introducing new insurance concepts to theyemeni market. It also reflects UIC’s capability in serving the industry the thing which gave us our clients’ confidence locally and internationally,” said Mr Saeed.

Within just one year of launching its takaful division, the company announced the distribution of 2% of takaful surplus to its clients. Mr Saeed said the division was successful and profitable in its first year and UIC will continue to seek the best means of satisfying its clients and partners.