The Central Bank of the UAE (CBUAE) has reported that the total profits of the nation’s insurance sector reached AED2.5 billion ($680.6 million) in 2023, rising from AED1.96 billion in 2022. This growth was primarily attributed to an increase in net investment income within the insurance sector during 2023.
In its Annual Statistical Report for the UAE Insurance Sector for 2023, the Central Bank noted that the total number of insurance policies written across all types in the UAE surged to 14.6 million, a significant rise from 8.4 million policies in 2022. This growth was largely driven by a higher volume of property and liability insurance policies, particularly in Involuntary Loss of Employment Insurance in 2023.
Dubai led the market with the largest share at 59.9 percent, followed by Abu Dhabi at 21 percent, Ras Al Khaimah at 6.6 percent, Sharjah at 4.58 percent, Fujairah at 1 percent, and Ajman at 0.5 percent. Policies issued outside the UAE constituted roughly 6.4 percent.
Gross written premiums in the UAE experienced an increase to AED50.4 billion year-on-year in 2023, compared to AED44.1 billion in 2022. Dubai contributed 61 percent of these premiums, while Abu Dhabi accounted for about 27.7 percent.
In terms of claims, gross paid claims in the UAE rose to AED30.3 billion year-on-year in 2023, up from AED26.5 billion in 2022. Dubai represented 60.7 percent of these claims, with Abu Dhabi contributing 28.9 percent.
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