Since its establishment in 1974, RAK Insurance has grown significantly from a small local insurance company into a true regional insurance leader. From its humble beginnings with a fully paid capital of AED 2 million, RAK Insurance has pioneered insurance in the United Arab Emirates emerging as a true regional force with a current paid up capital of AED 110 million and underwrites all major classes of business.
Amidst the global financial markets slowdown, RAK Insurance was able to withstand the market challenges and has remained a competitive player in the insurance field.
The Company’s primary focus is on innovative product development; technological advancement; employees’ learning and development; and building strong partnerships with dynamic companies as a preferred supplier of insurance products and services.
RAK Insurance holds corporate social responsibility as a core value and firmly believes in transparency and promoting awareness to customers through education.
RAK Insurance has built a solid risk framework and has been a leader in establishing new and robust methods of analysing risk that allows the Company to maintain its position and its partners’ confidence across all market sectors it serves.
As a publicly listed company, RAK Insurance is listed on the Abu Dhabi Securities Exchange and is a founding member of the Arab War Risk Insurance Syndicate (AWRIS) and the Emirates Insurance Association (EIA). The Company also maintains its membership to the General Arab Insurance Federation (GAIF) and the Federation of Afro Asian Insurers and Reinsurers (FAIR).
On May 2015, RAK Bank became its major shareholder with an acquired total shares of 79.23%.
Be acknowledged and respected as a safe haven for corporate and personal lines customer risks. We aim to achieve this by writing a balanced risk profile that is resilient and deepens customer loyalty with goal oriented employee engagement towards the company’s vision.
For our clients our mission is to constantly strive to develop innovative solutions and strategies to ensure they get exceptional value for their investment, and to make RAK Insurance the preferred choice for all existing and new clients through the quality of our service and evolving strategies, tailor made to best suit the client needs.
For our staff our mission is to create a working environment which will facilitate their continuing development and create a great place to work which is governed by fair and equitable treatment of all employees with clearly defined career path development opportunities based on, appreciation and recognition for their work and achievements.
Our vision is to be the preferred long-term insurance partner to all our communities.