The total profits for the UAE insurance sector reached Dh2.5 billion in 2023, driven by higher net investment income, according to the latest data released by the Central Bank of the UAE (CBUAE).
In its Annual Statistical Report for the Insurance Sector of the UAE 2023, the Central Bank revealed that the total number of written insurance policies across all types of insurance in the UAE rose to 14.6 million policies in 2023, compared to 8.4 million policies in 2022.
The Dh2.5 billion achieved marked a significant increase from the Dh1.96 billion reported in 2022. This growth was primarily fueled by an increase in net investment income, as a result of the rise in property and liability insurance policies, especially the Involuntary Loss of Employment Insurance policies.
Dubai accounted for the largest share of insurance policies with 59.9%, followed by Abu Dhabi at 21%, Ras Al Khaimah at 6.6%, Sharjah at 4.58%, Fujairah at 1%, and Ajman at 0.5%. Policies written outside the UAE made up approximately 6.4%.
Gross written premiums within the UAE increased to Dh50.4 billion in 2023, up from ADh44.1 billion in 2022. Dubai’s share was 61%, while Abu Dhabi’s share was about 27.7%.
Meanwhile, gross paid claims within the UAE rose to Dh30.3 billion in 2023, compared to Dh26.5 billion in 2022. Dubai accounted for 60.7% of these claims, and Abu Dhabi for 28.9%.
