Read Full Magazine Here. The need for global cooperation is more urgent than ever. The twin triggers of the COVID-19 pandemic and the war in Ukraine, Yemen, Libya and Syria make collective action imperative to overcome interconnected challenges and enact sustainable solutions.
Within such tough environment, the insurance and reinsurance companies face unprecedented challenges.
Established in 1981, United Insurance is a subsidiary of Hayel Saeed Anam Group. The Group is considered the first commercial Group in Yemen in respect of the volume of its investments and its competitive position in the Yemeni market. While doing its work through following "Protection and Service towards the Best" it worked on urgently and rapidly improving and expanding its services to include domains of industrial, business, service, banking, fishery and agricultural…etc.
UIC has occupied a very prominent position in the Yemeni and Arab insurance market. It has become one of the trusted insurance providers in the private sector and in the Arab World. Its high performance enabled it to take the lead and gain the percentage of the Yemeni insurance market.
Over the years of service, UIC enabled to provide all types of insurance services through first class international reinsurers. To do that, UIC hired first-rate insurance experts and it is counting on a group of Yemeni professionals and its highly qualified staff. UIC provides its clients with the state-of-art services and high professionalism, which the company maintained from its long experience.
Consequently, UIC obtained the ISO 9001-2000 certificate and was the pioneering and the first Yemeni company to get such an award and one of the first Arab companies which deserved this international certificate.
Muhanna & Co. Rating Services, Lebanon has rated united Insurance Co. with (A-) and affirmed financial strength, Outlook for the rate is Stable to be the first insurance company in Yemen obtained this rate.
Being the biggest insurance company in Yemen, UIC currently employs over 350 qualified personnel with a well-experienced and trained staff equipped with a good knowledge of insurance and using the latest computer solutions and communication systems. UIC covers all Yemen through its branches scattered in the centers of main Yemeni cities.
UIC will not stop here, but aspires for more progress, for new domains in order to occupy an international status in the world of insurance.
Despite the above obstacles, United Insurance Company-Yemen accomplished its 40th Anniversary celebrations with a hope to see the light to peace and sustainability. Recently, UIC celebrated 40th anniversary.
The ceremony recognizes and celebrates 40 years of great success where Tarek A. Hayel Saeed and his skilled team have made outstanding contributions to UIC's business.
Tarek A. Hayel Saeed is a powerful insurance Managing Director with a demonstrated history of planned success in the investment management and insurance industry. He is skilled in negotiation, business Planning and management. He is also a strong business development professional who led UIC with a strong grip.
As an entrepreneur with a growing business, Tarek A Hayel Saeed is probably clamoring to maintain control as things change.
One of his core values at UIC is to elevate everyone around him. He worked hard to have talented people whom he hired to get the job done.
He has struggled to keep UIC on solid grounds during the harsh Yemeni war.
Tarek A Hayel Saeed categorized his work in degrees of urgency and importance. As an entrepreneur, it's easy to focus on what's directly in front of you.
In an exclusive interview with BUSINESS LIFE, Tarek A. Hayel Saeed about UIC and his forecasted plans as it's something of value as well especially that his story is a success story that is full of dedication to the industry and the entire MENA region during a very challenging time where he proved his courage, perseverance, wise vision and outstanding victory. Tarek rewarded UIC by holding an exceptional 40th Anniversary where he shed light on the current circumstances and future plans in his expressive keynote speech where he kicked the ceremony celebrations announcing 40th UIC Anniversary full of success and challenge.
BL: How do you feel after accomplishing UIC 40th Anniversary? Please tell us more about the UIC 40th Anniversary.
Tarek A Hayel Saeed: I feel so proud as the company reached the highest level of excellence in the market as we are for over 30 years the pioneer in the Yemeni market, so we celebrated the “40th year of excellence”.
BL: What did you mean by saying UIC celebrates forty years of work with the scale of responsibility?
Tarek A Hayel Saeed: We mean that in the last 40 years we have been committed to our clients for all their required insurances and committed to their claims, as we believe that customer always comes first.
BL: What is the most rewarding deal that you achieved during these long years?
Tarek A Hayel Saeed: Over the last 40 years, we have gained big portfolio customers and big business opportunities that raised our net premium and moved us to the next level of excellence.
BL: What is the most challenging situation that you overcame during these long years?
Tarek A Hayel Saeed: Since 2011, we faced challenges due to the protests against the Yemeni government as a lot of businesses stopped and others moved far from the Fireline as the protests ended and the country started to recover and we entered 2015 in the beginning of the current war, through that period till now, we faced COVID – 19 in 2020 which forced some businesses to stop and others worked from home and we as UIC tried our best to deliver our services to the customers even when they were at home and now we are facing the current situation in Europe between Russia and Ukraine as the rates of insurance are increasing.
BL: What is the most rewarding result of UIC 40th Anniversary?
Tarek A Hayel Saeed: The satisfaction that we are the market leaders in the era of transformative Marketing.
BL: Do you expect price hikes and programme restructuring next year in aviation & marine branches?
Tarek A Hayel Saeed: As the intensity between Russia and Ukraine has not finished yet, I expect raise in the rates of Marine and Aviation insurance as these two lines are totally related to the current situation.
The global aviation insurance market size was valued at $3430.20 million in 2020, and is projected to reach $5759.97 million by 2030, registering a CAGR of 5.6% from 2021 to 2030.
BL: What can you tell us about the growth and sustainability of UIC?
Tarek A Hayel Saeed: UIC is stable and strong as our premiums grow every year, our share is 49% of the market as per YIF statistics of 2020 and our plan is to raise the percentage even furthermore.
BL: What are your plans for the end of 2022?
Tarek A Hayel Saeed: We are planning to continue the excellence in providing quality services and in delivering commitments to service excellence.
BL: What can you tell us about Yemen’s insurance industry? What its future? What about the market competition?
Tarek A Hayel Saeed: We are still facing tough competition in the market and with the current situation in the country, it is still going to be tough.
