The demand for warehouse insurance policies has increased in the post-rainy period as businesses are keen to protect goods stored in warehouses.
Abu Dhabi National Insurance Company (ADNIC),a leading regional multi-line insurance providers for both corporates and individuals, increased its insurance revenue by 54% in the first half of this year to an all-time high of AED3.3bn ($898m), compared to AED2.1bn for the same period in 2023.
Orient Insurance Company, the biggest insurer in the UAE in terms of insurance income, has posted a net profit attributable to shareholders of AED404.5m ($110.1m) for the first half of 2024.
Phinsys, a leading provider of intelligent automation solutions for finance, accounting, and regulatory compliance in the insurance sector, has opened its new regional office in Dubai.
Reinsurers lost about AED500m ($136m) on motor insurance alone during the last flood event in the UAE, and they now need to recuperate their losses, according to a senior industry executive.
West P&I Club will be the first International Group club to have a presence in Dubai, when its office in the Dubai International Financial Centre becomes operational by the autumn.
The insurance and reinsurance sector in the Dubai International Financial Centre (DIFC) numbered 125 companies as of 30 June 2024, compared to 110 a year ago, according to a statement issued by the Centre which marks the 20th anniversary of its establishment this year.
Sukoon Insurance, the second biggest insurance company in the UAE in 2023 based on insurance revenue, posted net profits attributable to owners of the company of AED126.09m ($34.33m) for the first half of 2024, 3.9% higher than the AED121.63m in 1H2023.
Hannover-headquartered HDI Global SE continues its international expansion, receiving a regulatory licence from Dubai Financial Services Authority (DFSA) to open an office in Dubai.
The Emirates Insurance Federation, referring to hikes in motor insurance premiums, has said that it is natural for insurance companies to raise their premium rates to compensate for losses and to re-adjust their operations.