Shareholders at the annual general meeting of Takaful Emarat Insurance Company have approved a special resolution allowing for a capital increase of AED185m ($50.4m) for the company.
The Central Bank of the UAE (CBUAE) has issued the Sandbox Conditions Regulation, which aims to attract start-ups and global FinTech businesses.
Emirates Insurance Co (EIC) will maintain its competitive position, premium growth trend, and positive underwriting performance, says S&P Global Ratings (S&P).
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.
Owners of Japanese, Korean and Chinese car models in the UAE are facing the highest increases in motor insurance premiums on renewals as the full impact of April's rains is felt by vehicle owners and insurers alike.
Orient Insurance has a track record of very strong operating profitability, notes AM Best, adding that in 2023 (under IFRS 17) the insurer generated a return-on-equity ratio of 15.5% and a net-net non-life combined ratio of 85.8% (both as calculated by AM Best).
Abu Dhabi-listed HAYAH Insurance has secured a licence from the Securities and Commodities Authority to provide comprehensive corporate pension management services.
The Dubai International Financial Centre Insurance Association (DIFCIA) has announced its reciprocal membership with ACORD, the standards-setting body for the global insurance industry.
National General Insurance Company (NGI) has a track record of strong operating performance and generated a return on equity of 14.4% in 2023 [2022: 9.1%] (as calculated by AM Best).
The UAE general insurance industry is set to grow at a compound annual growth rate (CAGR) of 4.7% from AED37.8bn ($10.3bn) in 2024 to AED45.5bn in 2028, in terms of gross written premiums (GWP), forecasts GlobalData, a data and analytics company.