Ras Al Khaimah National Insurance Company (RAK Insurance) has grown significantly since its establishment in 1974 from a paid up capital of AED 2 million to AED 121,275,000.
It is our vision to offer “Simply Better’ insurance solutions for all our customers across the UAE and with respect to our mission we aim to be a leading customer-focused insurer in the UAE, offering convenient access to innovative and competitive insurance products across multiple channels to individuals and businesses. We will achieve our ambitions by writing a balanced risk profile that is both resilient and deepens customer loyalty along with goal oriented employee engagement.
Being one of the oldest and established insurers in the country, RAK Insurance strives to continuously provide and develop insurance products and services in the UAE thereby creating additional value for our customers. We believe that embracing digital and technological innovation improves both operational effectiveness and the customer experience and as such, we have invested heavily in the continuous development of our mobile app and online portal, both of which provide easy access to our suite of products and services as well as helping customers manage their information and claims online.
The insurance sector in the UAE is highly competitive, yet against this fluctuating landscape, RAK Insurance’s financial position remains resilient and keeps pace with the market despite competitive pressure. We have achieved longevity through strong stakeholders management, robust governance, and qualified and competent staff. These have contributed to consistent year on year premium growth. All of these factors have helped us achieve a Standard & Poor’s rating of BBB+ with Stable outlook.
Through our commitment to continuous improvement and development, we believe sensible, sustainable growth is achievable and this growth will allow us to re-invest in valuable initiatives such as our maturing ERM, staff engagement and development and support of our Emiratisation programme for UAE National employees. With RAKBANK’s emergence as our major shareholder, we have jointly initiated a re-brand exercise to reflect our special relationship. We are excited at the prospect that this “Simply Better” approach will support better products and service innovations and in turn stimulate growth and increase revenue streams.
We, at RAK Insurance, are dedicated in our efforts to continuously improve – ensuring we meet the needs and expectations of all our valued customers across the UAE.
ACTING CEO, RAK Insurance