Palestinian Insurance Companies Union Achieves Qualitative Milestones and Enhances the Development of the Insurance Sector

SadaNews report - The Palestinian Insurance Companies Union has continued to implement its developmental plans and enhance its role as a national umbrella representing Palestinian insurance companies, through a series of administrative, organizational, and technical achievements that have contributed to the development of the insurance sector, cementing institutional work, and strengthening partnerships with relevant entities.

The union has seen intensive activity at the administrative level, having held 10 board meetings where it discussed several strategic issues and made a number of important decisions, the most notable being the decision to create a dedicated building for the union that embodies its institutional identity and future vision in developing the Palestinian insurance industry and enhancing its institutional presence.

The union also placed special emphasis on supporting the shift toward electronic payment in the insurance sector, based on its role in keeping pace with financial and technological developments, contributing to enhancing the efficiency of financial operations, improving cash flow for member companies, and reducing the risks associated with cash transactions, according to what SadaNews learned.

Regarding its representative and organizational role, the union followed up on a number of important legislative and regulatory files in coordination with the Capital Market Authority and relevant entities, including proposals to regulate the underwriting caps in compulsory vehicle insurance, the draft insurance law, the medical committees' system, in addition to monitoring judicial rulings related to the sector, as the union provided its technical observations and stances, held necessary meetings, and conducted correspondence that reflects a common vision for member companies and contributes to the development of the legislative environment governing the insurance sector.

In terms of governance and institutional development, the union completed the draft internal system that strengthens the institutionalization of work, embeds the principles of governance and transparency, and elevates the institutional performance of the union.

The year 2025 also witnessed the successful convening of the union's general assembly, which culminated in the election of a new board of directors to lead the upcoming phase, reflecting the union's commitment to democratic practices and enhancing institutional participation.

The union continued to support its derived committees, with specialized committees holding 7 meetings to discuss a range of priority issues for the sector, including the committees' work charter, pricing of electric vehicle insurance, judicial rulings, and medical committees, contributing to the development of technical visions and unifying professional stances among member companies.

Continuing its capacity-building efforts, the union conducted a specialized training workshop on the applications of artificial intelligence in the insurance industry in cooperation with the Jordanian Insurance Companies Union, aimed at enhancing the skills of employees in member companies and enabling them to keep pace with modern digital and technological transformations in the sector.

The union also participated in several regional and international conferences and events organized by the General Arab Insurance Union and the Jordanian and Egyptian Insurance Companies Unions, which enhanced the regional presence of the Palestinian union and opened new horizons for cooperation, experience exchange, and benefit from the best global practices in the insurance industry.