UAE: Insurance industry sees total premiums grow by 18.5% in 1Q2024

Source: Middle East Insurance Review | Aug 2024

The UAE insurance sector continued to grow in 1Q2024, reflected by the increase of 18.5% year on year in gross written premiums to AED21.1bn ($5.7bn), according to the ‘Quarterly Economic Review June 2024’ published by the Central Bank of the UAE.

The growth was mostly due to a rise in property and liability insurance premiums by 24.6% year on year, in health insurance premiums by 15.1% y-o-y, and in life insurance premiums and savings by 15% y-o-y.

Gross paid claims of all types of insurance plans increased by 18.3% y-o-y to AED8.4bn in 1Q2024- mainly driven by the increase in claims paid in property and liability insurance by 47.1% y-o-y.

As of the end of 1Q2024, the number of licensed insurance companies in the UAE remained at 60, comprising 23 traditional insurer, 10 takaful companies, and 27 foreign companies. M

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