The absence of rains coupled with rising premium rates has led to insurance revenue growing by 21% in the first three months of 2025 in the UAE, reaching AED11.9bn ($3.2bn) versus AED9.8bn in the corresponding period last year, says Badri Management Consultancy, an international actuarial and risk consulting company.
Orient Insurance, the UAE market leader in terms of insurance revenue and profits, has announced a net profit after tax of AED312.6m ($85.1m) for the first three months of this year, 4.1% higher compared to AED300.3m for the corresponding period in 2024.
Abu Dhabi National Insurance Company (ADNIC), one of the leading regional multi-line insurance providers for both corporates and individuals, has delivered strong financial results for the first quarter of 2025.
GlobeMed Group, the leading healthcare benefits management company in the MENA region, has relaunched its operations in the UAE.
MENA InsureLab, the first dedicated InsurTech venture builder and accelerator in the Middle East and North Africa, has officially launched its operations with headquarters in Dubai.
This new company, yet to be named, will provide critical underwriting capabilities, underpinned by cutting-edge AI technologies, to help accelerate growth of the insurance and capital market ecosystem in the Gulf region and support the continued evolution of regional capital markets.
Global financial services group Manulife has opened its office in the Dubai International Financial Centre (DIFC), marking a significant expansion of its global high-net-worth (HNW) business.
Further market consolidation is likely in 2025, especially if those listed insurers currently under regulatory scrutiny for not meeting solvency capital requirements fail to recover within the specified timeframe, Fitch Ratings says in a new report.
Home insurance premiums in the UAE have increased by 10-15% in the wake of the devastating floods from record rainfall in April 2024.
Qatar Insurance Company (QIC UAE), the retail arm of Qatar Insurance Group in the UAE, has announced the appointment of Mr Prasad Aniyil as its CEO, according to a company statement.