United Arab Emirates: Reinsurance

In a recent landmark ruling following the Order of H.E. Justice Shamlan Al Sawalehi in the matter of Union Insurance Company PJSC v. International Precious Metals Refiners LLC [2024] DIFC CFI 064...

While the overall economic slowdown and disruption in the market has had some impact on the insurance sector as well, the UAE insurance market still seems to be going strong.

The ruling of the English Court of Appeal in The Princess of the Stars that a "follow the settlements" clause in a reinsurance policy does not negate or impinge on the general rule that a stay of English court proceedings, should be granted only in rare and compelling circumstances.