Total written premiums in the UAE are expected to grow by up to 8% in 2024 to more than AED57.7bn, compared to AED53.4bn in 2023.
This estimate was released at a conference held in Abu Dhabi earlier this month by Brokerslink, a network of independent brokers.
The UAE insurance sector is expected to show improvement in most key performance indicators in 2024 and 2025, with the growth of the insured base and higher penetration rates in the market as a result of the country’s economic diversification and recovery, the newspaper Al-Ittihad.
Mr Walid Nehme, CEO of Abu Dhabi-based Associated Alliance, which is an affiliate of Brokerslink, said that the insurance industry is expanding to keep pace with economic diversification by introducing many new solutions. He expected the insurance sector in the UAE to achieve growth in written premiums by up to 8% in 2024 over 2023.
The annual statistical report on the insurance sector issued by the Central Bank of the UAE shows that total written insurance premiums in the UAE increased by 13% year-on-year to AED53.4bn in 2023.
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