{"id":96441,"date":"2024-10-03T00:00:00","date_gmt":"2024-10-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/profitability-in-the-uae-ins-sector-was-up-28-y-o-y-in-2023\/"},"modified":"2024-10-03T00:00:00","modified_gmt":"2024-10-03T00:00:00","slug":"profitability-in-the-uae-ins-sector-was-up-28-y-o-y-in-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/10\/03\/profitability-in-the-uae-ins-sector-was-up-28-y-o-y-in-2023\/","title":{"rendered":"Profitability in the UAE ins. sector was up 28% y-o-y in 2023"},"content":{"rendered":"

Ins. providers had a good 2023:<\/strong> The ins. sector here at home saw net income rise to hit AED 2.5 bn in 2023, up 28% y-o-y, according to the Central Bank\u2019s latest annual statistical report for the ins. sector (pdf)<\/a>. Growth in profitability was attributed to an increase in net investment income within the sector.<\/p>\n

The volume of invested assets stood at AED 77.2 bn<\/strong>,<\/strong> up 8% y-o-y<\/strong>, comprising 59.2% of total assets. The real estate sector captured the most growth in investment during 2023, logging a 0.2% y-o-y increase to AED 4.4 bn. Equity and debt securities grew 10% y-o-y, and cash and deposits increased 12% y-o-y.<\/p>\n

Gross written premiums in the UAE increased to AED <\/strong>50<\/strong>.4 bn in 2023<\/strong>, up 14% y-o-y. Dubai comprised the bulk of premiums with a 61% share, while Abu Dhabi's share was 27.7%. Meanwhile, in-country gross paid claims increased 14.2% y-o-y to AED 31.6 bn, with Dubai accounting for 60.7% of these claims and Abu Dhabi for 28.9%.<\/p>\n

Written<\/strong> ins. policies jumped up 60% y-o-y to AED <\/strong>15.6<\/strong> mn in 2023<\/strong>, on the back of a 76.9% y-o-y increase in property and liability ins. policies, especially involuntary loss of employment ins. policies. <\/p>\n

Dubai signed off on the largest share of policies during the year<\/strong>, comprising 59.9% of total written ins. policies, while neighboring Abu Dhabi accounted for 21%. Ras Al Khaimah (6.6%), Sharjah (4.58%), Fujairah (1%), and Ajman (0.5%) dominated smaller shares, while policies written outside the UAE made up 6.4%.<\/p>\n

The UAE ranked<\/strong> second <\/strong>among Arab nations behind Saudi Arabia <\/strong>for gross written premiums during the year, according to statistics (pdf)<\/a> from the Arab Monetary Fund. Arab ins. companies\u2019 gross written premiums rose 9.2% y-o-y to USD 50.8 bn during the year, with non-life ins. premiums comprising the bulk of written premiums at 81.2%.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ins. providers had a good 2023: The ins. sector here at home saw net income rise to hit AED 2.5 bn in 2023, up 28% y-o-y, according to the Central Bank\u2019s latest annual statistical report for the ins. sector (pdf). Growth in profitability was attributed to an increase in net investment income within the sector. 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