The insurance industry in the UAE has experienced significant growth in recent years, driven by factors such as economic development, increasing population, and rising awareness of risk management. This growth has created a demand for skilled insurance agents and brokers who can provide comprehensive insurance solutions to individuals and businesses.
Insurance agents and brokers act as intermediaries between insurance companies and policyholders. In the UAE, the insurance market has high potential, with numerous insurance companies and agencies operating in the country. Insurance companies and agencies are increasingly adopting technology to streamline operations, improve customer service, and offer innovative products.
For entrepreneurs who want to join this industry, here are the business activities you can choose under your business license.
6622.00 – Activities of insurance agents and brokers
Insurance agents and brokers play a crucial role in the insurance industry by connecting insurance companies with potential policyholders. Their activities encompass a wide range of tasks, from assessing risk to facilitating claims. Their business involves risk assessment, product selection, policy explanation, policy sales, policy servicing, and relationship building. In this field, entrepreneurs can act as agents in life insurance, property insurance, health insurance, and auto insurance.
Third-party Approval: This business activity does not require third-party approval.
Filing of Economic Substance Returns: This business activity needs to meet ESR requirements.
Anti-Money Laundering Compliance: This business activity needs to meet AML requirements.
6622.01 – Activities of insurance agents and brokers (insurance intermediaries) in selling, negotiating or soliciting of annuities and insurance and reinsurance policies
Insurance agents and brokers, often referred to as insurance intermediaries, play a crucial role in the distribution of insurance and annuity products. They work to understand client goals through needs assessments, have a wide knowledge about product selection, carry out policy explanation, negotiation, sales, and after-sales service.
Third-party Approval: This business activity does not require third-party approval.
Filing of Economic Substance Returns: This business activity needs to meet ESR requirements.
Anti-Money Laundering Compliance: This requirement does not apply to the business activity mentioned in this article.
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