The Central Bank of the UAE (CBUAE) has announced that the total profits of the country’s insurance sector amounted to AED2.5 billion in 2023, compared to AED1.96 billion in 2022. This increase was mainly driven by increase in net investment income of the insurance sector in 2023.
In its Annual Statistical Report for the Insurance Sector of the UAE 2023, the Central Bank added that the total number of written insurance policies for all types of insurance within the UAE increased to 14.6 million policies Y-o-Y in 2023, compared to 8.4 million policies in 2022. This increase was mainly due to higher number of property and liability insurance policies, especially in Involuntary Loss of Employment Insurances policies in 2023.
The emirate of Dubai accounted for the largest share with 59.9%. Abu Dhabi’s share reached 21%, Ras Al Khaimah 6.6%, Sharjah 4.58%, Fujairah 1%, and Ajman 0.5%. Policies written outside the UAE accounted for approximately 6.4%.
Gross written premiums within the UAE increased to AED50.4 billion Y-o-Y in 2023, compared to AED44.1 billion in 2022. Dubai’s share reached 61%, while Abu Dhabi’s share was approximately 27.7%.
Meanwhile, gross paid claims within the UAE increased to AED30.3 billion Y-o-Y in 2023, compared to AED26.5 billion in 2022. Dubai accounted for 60.7% of these claims, and Abu Dhabi for 28.9%.
WAM
