The Central Bank of the UAE (CBUAE) has announced that the total profits of the country’s insurance sector amounted to Dh2.5 billion in 2023, compared to Dh1.96 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 per cent. Abu Dhabi’s share reached 21 per cent, Ras Al Khaimah 6.6 per cent, Sharjah 4.58 per cent, Fujairah 1 per cent, and Ajman 0.5 per cent. Policies written outside the UAE accounted for approximately 6.4 per cent.
Gross written premiums within the UAE increased to Dh50.4 billion Y-o-Y in 2023, compared to Dh44.1 billion in 2022. Dubai’s share reached 61 per cent, while Abu Dhabi’s share was approximately 27.7 per cent.
Meanwhile, gross paid claims within the UAE increased to Dh30.3 billion Y-o-Y in 2023, compared to Dh26.5 billion in 2022. Dubai accounted for 60.7 per cent of these claims, and Abu Dhabi for 28.9 per cent.