GovTech Innovation Forum & Awards 2025 Archives
The GovTech Innovation Forum & Awards 2025 was held recently at the splendid Ritz Carlton JBR, Dubai under the theme of 'Reimagining the future of tomorrow with AI'.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
40 minutes ago
- Khaleej Times
'We have no choice': UAE motorists call for reforms, audits as car insurance rates spike
Motorists across the UAE are reporting significant spikes in car insurance premiums this year, with some facing renewal rates up to 40 per cent higher than the previous year, prompting fresh calls for more oversight and transparency from insurers. The complaints come in the wake of a Federal National Council (FNC) session earlier this month in which a member of the council questioned the Central Bank of the UAE on whether reforms were needed to regulate the sudden rise in insurance premiums. Ibrahim Mohammed, a Sharjah resident originally from India, said his premium jumped by 30 per cent this year, even though he received nearly identical quotes from different providers. 'Almost all companies listed in online insurance portals provide the same market price,' said the 37-year-old warehouse cashier. CS, a South African resident and senior production accounts manager, experienced a 40 per cent increase in April while renewing insurance for his new Genesis. Stay up to date with the latest news. Follow KT on WhatsApp Channels. 'When I asked for the reason behind the increase, I was told it was due to the US tariffs against China,' he said. 'But I haven't made any claims, so that made no sense to me.' He was told that tariffs could affect the cost of spare parts in the event of a future claim. 'They can't charge me 40 per cent more for imports if I have no claims yet,' he said, calling it unfair and misleading. 'Now that the tariffs are settled, we won't get the 40 per cent back.' CS added that motorists had no real recourse due to mandatory insurance renewal laws. 'So, you have no option but to accept even if an excuse like political tariffs seems false and invalid,' he said, calling for audits and stricter regulations. Losses from floods and Covid discounts behind spike Insurance industry leaders point to a mix of economic, regulatory and climate-related factors for the price hikes — particularly the aftermath of the record-breaking rainfall that swept UAE in May 2024. 'Car insurers faced major losses due to the floods. It's true it was a rare incident, but the impact on claims was unprecedented, ' said Ahmad Al Tahat, a car insurance manager in Abu Dhabi. He noted that prices had also dropped sharply during the Covid-19 pandemic, with discounts reaching up to 50 per cent, and only began returning to standard levels by 2022, in line with Central Bank directives. For example, insuring a new Toyota Land Cruiser during the pandemic through its agency cost just 1.8 per cent of its value. Today, the same policy is around 2.6 per cent, while non-agency cover rose from 1.4 per cent to 2.1 per cent. Electric and Chinese vehicles were also costlier to insure due to the lack of authorised workshops and spare parts. However, Al Tahat noted that these cars are becoming easier and more affordable to insure. 'Spare parts were the main challenge, but now they've become more available,' he said. According to Hadi El Halabi, senior manager of Motor Underwriting at Hadi Car Insurance, a series of systemic pressures have converged to raise rates. 'Premiums rose due to the rising cost of vehicle repairs, economic inflation, new insurance regulations, more accidents, and an increase in fraudulent claims,' El Halabi explained. He broke down average premium shifts over recent years for non-agency policies: El Halabi explained that historically, premiums for Chinese and electric vehicles were higher due to limited data for risk assessment, expensive parts, and fewer authorised repair facilities, especially for EV batteries. 'But things are improving significantly,' he said, noting a shift as these models become more mainstream and reliable. While insurers have pricing flexibility, they must operate within actuarial models approved by the Central Bank of the UAE, which monitors solvency and fair competition. 'Some insurers hiked premiums more aggressively,' said El Halabi, pointing to Central Bank reforms that removed Covid-era discounts and reintroduced minimum pricing thresholds. Today, minimum comprehensive cover for saloon cars is Dh1,300, and third-party cover starts at Dh750. Consumers, meanwhile, are changing their habits. 'People are more price‑conscious, cutting coverage, avoiding agency repairs, and shopping through aggregators,' El Halabi said. Asked whether insurance costs might ease in the near future, El Halabi was cautiously optimistic. 'Premiums for electric vehicles are likely to stabilise, or even decrease, in 2025 as repair networks improve and competition grows.' For motorists like CS and Ibrahim, however, the issue remains one of accountability. 'Point still stands that I'm paying a premium on repairs I haven't claimed,' CS said. 'The excuse of an increase is not a good enough reason to raise the cost by 25 to 40 per cent. I hope there can be an audit done or more regulations put in place.'
Web Release
an hour ago
- Web Release
IFS Appoints Shawn Juister as President, Energy & Resources
IFS, the leading provider of enterprise cloud and Industrial AI software, today announced the appointment of Shawn Juister as President, Energy & Resources, reflecting IFS's strong growth in the sector and new product investment. Juister has joined the IFS executive leadership team, bringing more than 20 years of experience to the company. With this appointment, IFS continues to strengthen its focus on the Energy & Resources (E&R) sector, which includes asset-intensive and service-centric customers in Energy and related industries. Juister will be responsible for driving accelerated growth in the sector, deepening customer value, and executing IFS's ambitious E&R product roadmap. Juister has previously held global leadership positions across software, energy, and asset-intensive industries. He brings deep experience in enterprise software and commercial transformation, including senior roles at Hitachi Energy and RPM Global, where he delivered significant revenue growth and led major go-to-market and SaaS transitions. 'Shawn is an accomplished software executive with a track record of scaling enterprise businesses and delivering commercial transformation,' said Max Roberts, Chief Operating Officer at IFS. 'His leadership will be instrumental as we double down on our momentum in Energy & Resources, following landmark customer wins such as Total Energies, and as we bring our next-generation AI-powered industry solutions to market.' Shawn Juister, President, Energy & Resources, IFS, added: 'Now is a very exciting time to join IFS. The company is extending its leadership and investment in solutions tailored for the energy industry in parallel with the energy sector undergoing major strategic and digital transformation. I am looking forward to working with our customers to capitalize on the opportunities for growth.'
TAG 91.1
2 hours ago
- TAG 91.1
FNC holds special UAE–EU session
The Federal National Council (FNC) held a special UAE–European session in Abu Dhabi on Monday, chaired by Speaker Saqr Ghobash, as part of its 18th legislative term. The high-level session welcomed Roberta Metsola, President of the European Parliament, along with ministers, senior officials, EU ambassadors and European business leaders operating in the UAE. In his opening remarks, Ghobash welcomed Metsola and her delegation, stressing the UAE's commitment to dialogue and parliamentary cooperation. He said the session marks the start of deeper joint initiatives on global challenges such as peace, sustainable development and combating extremism. Ghobash also addressed urgent regional issues, calling for a ceasefire in Gaza and a political resolution to the conflict. He reaffirmed the UAE's stance on diplomacy and dialogue in resolving disputes and tensions, including the targeting of Iranian nuclear facilities. In her speech, Metsola praised the UAE's leadership in promoting peace and coexistence, calling the visit a turning point in EU-UAE relations. "I stand before you today representing 450 million European citizens, carrying a message of hope and optimism that this visit will mark a new beginning for strengthening our bilateral ties and expanding the horizons of partnership between the European Parliament and the UAE through constructive dialogue and cooperation," she said. The President of the European Parliament highlighted strong UAE-EU trade ties, valued at €328 billion (AED 1.39 trillion), and emphasised tourism, education and culture as key pillars of future cooperation. Metsola concluded by describing the relationship as entering a new phase of strategic partnership, built on shared values and a common vision for global peace and prosperity. انعقاد الجلسة البرلمانية الخاصة الإماراتية الأوروبية، برئاسة معالي صقر غباش رئيس المجلس الوطني الاتحادي، وبحضور معالي روبيرتا ميتسولا رئيسة البرلمان الأوروبية. — المجلس الوطني الاتحادي (@fnc_uae) June 23, 2025
