Price hikes are expected for some insurance products in the UAE on the back of high demand in the second half of 2024, according to Mr Gautam Datta, CEO of the UAE-based Islamic insurance group, Watania International Holding.
Venture capital firm RB Ventures has been launched in Dubai to facilitate venture capital investments into (re)insurance, InsurTechs and other related sectors and providing deal-related services.
The combined profit before tax of 26 listed insurance companies in the UAE grew by 7% to AED1,044m ($284m) in 1H2024 from AED975m in 1H2023, according to Badri Management Consultancy, an international company that specialises in actuarial services and provides financial services, strategic HR consulting, data management, business intelligence and other services.
The demand for travel insurance has witnessed a significant increase, driven by a surge in customer inquiries and a growing trend among travellers to secure their journeys.
Watania International Holding (WIH), has reported a net profit of AED 7.9m ($2.15m) for the first half of 2024, according to interim financial statements filed by the company.
Dubai-listed Watania International Holding (WIH), a leading investment holding company overseeing a portfolio of established takaful providers and innovative investments, has appointed Al Ramz Capital as liquidity provider.
The demand for warehouse insurance policies has increased in the post-rainy period as businesses are keen to protect goods stored in warehouses.
Abu Dhabi National Insurance Company (ADNIC),a leading regional multi-line insurance providers for both corporates and individuals, increased its insurance revenue by 54% in the first half of this year to an all-time high of AED3.3bn ($898m), compared to AED2.1bn for the same period in 2023.
Orient Insurance Company, the biggest insurer in the UAE in terms of insurance income, has posted a net profit attributable to shareholders of AED404.5m ($110.1m) for the first half of 2024.
Phinsys, a leading provider of intelligent automation solutions for finance, accounting, and regulatory compliance in the insurance sector, has opened its new regional office in Dubai.