UAE: Market reaches almost $14bn in first three quarters of 2024
Source: Middle East Insurance Review | Feb 2025
The UAE insurance sector maintained its growth trajectory in the first three quarters of 2024 as well.
According to the Quarterly Economic Review issued by Central Bank of UAE (CBUAE) in December 2024, GWP for the insurance sector grew by 20.9% touching AED50.8bn ($13.8bn) as compared with AED42bn written in the first three quarters of 2023.
The growth in GWP was primarily due to an increase in property and liability insurance premiums by 25.9%, health insurance premiums grew by 21.4% and the insurance of persons and fund accumulation premiums registered a growth of 3.8%. The overall growth was the result of an increase in group life insurance premiums.
During this period, gross paid claims of all types of insurance plans increased by 29.4% to AED29.9bn. This growth was driven mainly by the rise in claims paid in property and liability insurance which rose by 66.7%. Claims paid in health insurance increased by 14.6% and an increase of 30% was registered in insurance of persons and fund accumulation. M