UAE insurance premiums grew 10.2% in 2015 to top US$10bn
Insurers in the United Arab Emirates posted a 10% increase in gross written premiums signed in 2015, the UAE’s Insurance Authority has reported, bringing the total above AED37bn (US$10bn).
This is 55% ahead of the AED23.9m gross premiums written in 2011, the insurance body noted, as emiratis and the expatriates who live in the Emirates embraced both general insurance and life insurance.
General insurance premiums were three times those of the life insurance industry, totalling AED27.5bn in 2015, a jump of 10.3% from the previous year. Life insurance gross written premiums were AED9.5bn, up 10% from AED8.6bn, the data, published online last month, showed.
Sultan bin Saeed Al-Mansouri, minister of the economy and chairman of the Insurance Authority, pictured, said the importance of the insurance sector “and its vital role in the national economy” was demonstrated by the volume of money invested in it”.
The report, which may be read and downloaded here, also notes that there were some 61 registered insurance companies operating in the UAE last year, of which 34 were “national” insurance firms and 27 foreign insurers.
Nineteen insurance agents, 143 insurance brokers, and 139 insurance brokerage companies were operating in the Emirates last year, including 139 national brokerage companies and four foreign companies.
Sixteen insurance consultants were also listed, as were 40 loss adjusters and damage estimators, 35 actuarial experts and 23 health insurance companies.