The total profits of the UAE insurance sector amounted to AED2.5bn ($681m) in 2023, compared to AED1.96bn in 2022, according to the Central Bank of the UAE (CBUAE).
Abu Dhabi National Insurance Company (ADNIC) has a track record of strong operating performance, evidenced by a return on equity exceeding 12% in all of the last five years (2019-2023), noted AM Best.
The UAE insurance sector reported that written premiums increased by 31.2% year on year (y-o-y) in the first half of 2024 to AED35.7bn ($9.75bn), according to the latest Quarterly Economic Review issued last week by the Central Bank of the UAE (CBUAE).
Islamic Arab Insurance (Salama) has pulled out of a deal to acquire part of the general and group life portfolios of Dubai Islamic Insurance and Reinsurance (Aman).
The Central Bank of the UAE (CBUAE) has issued the new "Insurance Brokerage Regulation 2024" that will come into force on 15 February 2025. Several new provisions are introduced to improve governance in areas like claims settlements, brokers' remuneration and the collection of premiums. The new Regulation repeals Insurance Brokerage Regulation 2013.
UAE-based Orient Insurance, which is the biggest insurer in the country, has confirmed that it plans to expand into Saudi Arabia, Egypt and Australia, according to a statement lodged with the Dubai Financial Market (DFM).
Cruise control system failures while driving have raised questions about the liability of the driver, the manufacturer, and the insurance company in the event of accidents resulting from such breakdowns.
Al Fujairah National Insurance (AFNIC) has launched the region's first insurance product exclusively covering accidental loss or damage from Flood, Inundation, Storm, and Tempest for motorists with third-party liability insurance coverage.
The non-profit Global Association of InsurTech Professionals (GAIP) has launched a chapter in India.
The Emirates Insurance Association (EIA) has said that the prices of motor insurance policies have become balanced compared to the size of claims, after insurers raised prices within the limits set by the regulatory authorities.