DUBAI NATIONAL INSURANCE & REINSURANCE JOINS THE WORLD LOGISTICS PASSPORT News Back

8 Sep 2021

DUBAI NATIONAL INSURNACE & REINSURANCE JOINS THE WORLD LOGISTICS PASSPORT

Dubai, 07 September 2021: In an effort to diversify its Benefits offering and bolster its presence across its Dubai hub, the World Logistics Passport (WLP) has registered Dubai National Insurance and Re-insurance (DNIR) as a Partner. The addition enables Dubai Hub Members to access preferential rates on insurance premiums, among other unmatched Benefits.

As the world’s first freight loyalty programme designed to increase trading opportunities between markets, the WLP’s move expands its offerings for Hub Members at a time when the insurance sector in the UAE continues to gain strong momentum. DNIR is a leading player, offering insurance premiums for both commercial and individual use. Initially established in 1991, DNIR was one of the first insurance companies to be listed in the Dubai Financial Market.

Mike Bhaskaran, CEO of WLP, said: “Initially launched as a pilot scheme in Dubai, the WLP has quickly picked up pace and continues to grow at a steady pace, counting more than 20 countries in the WLP network. We are pleased to welcome DNIR as they join our growing network of more than 15 partners in the WLP’s Dubai Hub.”

Listed insurance companies in Dubai recently recorded a 5 per cent growth in profits during the first six months of 2021, compared to last year. The COVID-19 pandemic has had a significant impact on the outlook of the sector, as individuals and organisations gear efforts towards ramping up insurance coverage to safeguard against financial risk.

“Our understanding of the dynamic landscape in Dubai has allowed us to capitalise on sector trends, such as the growth trajectory in the insurance sector amid these challenging and unpredictable times,” added Bhaskaran. “The impact of the pandemic on trade connectivity around the globe places a stronger emphasis on insurance to minimise financial risks.  The addition of DNIR will, without a doubt, aid our efforts to facilitate the global flow of trade.”

Abdulla Al Nuaimi, Chief Executive Officer at Dubai National Insurance & Reinsurance (DNIR), said: “We are proud that DNIR is the first insurer in the region to embark on a strategic partnership with World Logistics Passport (WLP). The success of Dubai and the commendable efforts of the WLP has motivated us to build a strong foundation by establishing successful partnerships. This strategic partnership will support the vision of our leaders to boost the trade sector in the region.”

He added: “As globalization has made our world smaller and easily reachable - but at the same time highly risky and complex - DNIR has an experienced underwriting team that will work closely with WLP members and partners in giving the right protection that will provide flexibility and security in mobilizing their trading operations. This partnership is in line with our vision to be one of the leading insurance carriers in the region with relationships built upon trust, arising out of a high level of employee competence and satisfaction. This adds value for our customers by providing them with innovative and best in class insurance products and services, tailored to meet the ever-changing financial risk exposures faced by our clients.”

The WLP has also recently welcomed the Department of Planning and Development – Trakhees – the regulatory arm of Ports, Customs and Free Zone Corporation in Dubai (PCFC) as a Partner.  Trakhees joined the Dubai-based global hub’s roster of leading organisations, including PCFC, Emirates SkyCargo, and DP World among others, and is enabling WLP Members to benefit from enhanced efficiencies that will facilitate the continued growth of Dubai’s non-oil external trade.