Insurance/Takaful Law
Innovation is the key to success in the insurance / takaful industry today. At Habib Al Mulla & Company, we are of the view that it is our duty to assist our clients find altenative ways to achieve profits in today's competitive insurance / takaful environment.

Over the years, we have represented innovative insurance / takaful leaders from all segments of the market in the Middle East and beyond. We take great pride in having helped to draft new insurance / takaful and reinsurance policy forms and advising our clients concerning the legal issues raised by the creation of new coverages. We understand that legal advisers in a dynamic industry serve their clients best by developing ways to overcome legal barriers, not by applying a legal veto to potentially valuable new products.

Habib Al Mulla & Company frequently acts as counsel for insurance / takaful and reinsurance programs aimed at specific markets. In this role, we can help with the design of a product, conduct reviews that assist in the selection of risks, and exercise general oversight of claims. We audit portfolios of claims to set reserves and to evaluate the erosion of aggregates. In some cases, our audits serve as the basis for commutation or transfer of a group of claims to another entity.

When coverage is disputed, whether between insurer and insured or among multiple carriers, counsel must be prepared to persuade, arbitrate, or litigate. Often, as in the product liability class actions of recent decades, both liability and coverage are simultaneously in dispute and the amounts at issue are enormous. We have represented insurance clients in some of the largest coverage matters of recent years. In a similar vein, we frequently represent carriers in subrogation actions and in disputes over reinsurance recoverables.

Most insurance / takaful transactions involve parties from various jurisdictions and coverage disputes invariably present complex choice of law questions. Our experience in this field includes cases spanning the UAE., many of them also raising issues under foreign law. We believe we have the competence to handle coverage counseling, arbitration and litigation, regardless of venue.

 

Services

• Advise on the design of insurance / takaful products
• Risk analysis
• Auditing client’s claims portfolio
• Dispute resolution (litigation, coverage counseling and arbitration)