The UAE Central Bank (CBUAE) has announced that the country’s insurance industry will make AED2.5 billion in total profits in 2023, up from AED1.96 billion in 2022.
In 2023, an increase in the insurance industry’s net investment income was primarily responsible for this rise.
The Central Bank noted in its Annual Statistical Report for the Insurance Sector of the UAE in 2023 that the total number of written insurance policies for all types of insurance in the UAE increased to 14.6 million policies year-over-year in 2023, up from 8.4 million policies in 2022.
This rise was primarily brought about by an increase in the number of property and liability insurance policies, particularly those for Involuntary Loss of Employment Insurance in 2023.
With 59.9 percent, Dubai emirate held the largest share. Ras Al Khaimah had 6.6%, Sharjah had 4.58 percent, Fujairah had 1%, and Ajman had 0.5 percent. Abu Dhabi had 21%. About 6.4% of policies were written outside the UAE.
In comparison to AED44.1 billion in 2022, gross written premiums in the UAE increased to AED50.4 billion year over year in 2023. Abu Dhabi’s share was approximately 27.7%, while Dubai’s reached 61%.
In the meantime, in the UAE, gross paid claims increased to AED30.3 billion year over year in 2023, up from AED26.5 billion in 2022. Abu Dhabi received 28.9% and Dubai 60.7% of these claims, respectively.