The initial five-year agreement between both the firms was signed in 2005
The National Health Insurance Company, Daman, a health insurance company in the UAE, and Munich Re, a reinsurers, have extended their strategic alliance and partnership.
The initial five-year agreement between both the firms was signed in 2005 when Daman was set up. Due to the profitable business development, both the companies have agreed to extend the agreement to 2019.
Daman, which is jointly owned by the government of Abu Dhabi (80%) and Munich Re (20%), started operations in 2006. Since then, Daman has got hold of an 80% share in Abu Dhabi’s health insurance market.
The official signing of the partnership took place in the presence of H.E. Ahmed Mubarak Al Mazrouei, chairman of the Health Authority, Abu Dhabi and Nikolaus von Bomhard, CEO of Munich Re.
H.E. Khaled Abdulla Al Qubaisi, chairman of Daman, said: This strong collaboration has helped Daman to fulfil its role within Abu Dhabi’s healthcare system in line with the expectations of the government of Abu Dhabi.
Wolfgang Strassl, CEO of Munich Health, the third business field of Munich Re, said: Our cooperation with Daman is an outstanding example of the success of our strategy in international health business. Together with Daman, we will be looking at new opportunities to build on the success of this cooperation.