As nations develop into complex economic entities, the people within them seek to protect themselves, their families and their financial interests in a consistent manner. This essential requirement for protection is the raison d'etre of the insurance industry. In this context it is not surprising that insurance companies are looked upon as harbingers of security and invested with as much confidence and wealth as they are.

Here in the Emirates, the insurance industry is something of a paradox. While in mature industrial societies the idea of protection through insurance is well accepted, allowing companies to offer sophisticated insurance plans to an insurance aware public, here insurers have to struggle to convince the public of the need for insurance.

While it is true that many of the major corporations here have embraced it, there is still a long way to go before an awareness of the benefits of insuring ourselves and our businesses becomes widely accepted. To give an example from the construction industry, in the coming years hundreds of new buildings will be completed. But how many of their owners will insure their properties and their liabilities to their tenants?

It is a worrying aspect of our society that people's awareness of the need for insurance is so lacking. Paradoxically, while motor insurance is compulsory, insuring lives is not. Certainly this may be a reflection of consumer choice, but, should we ignore the basic premise of insurance, we run the risk of losing all that we possess if some disaster befalls us. This may have consequences not just for us but for our families as well.

As the Government moves away from a system of subsidised healthcare, more and more people are going to have to rely on private healthcare to meet their health needs and those of their families. In which case health insurance will become a necessity to meet the burden of expensive treatments and procedures.

While consumer awareness of insurance needs growing, there is also a need for high standards of service and professionalism within the insurance industry to ensure that the right types of policies are available to suit our citizens expectations. For it is a two way equation - creating the right awareness of insurance while developing an industry that will meet the challenges of a growing market.