Total profits of the UAE insurance sector amounted to AED2.5bn ($681m) in 2023, compared to AED1.96bn ($534m) in 2022, according to Central Bank data.
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 in 2023, compared to 8.4 million policies in 2022.
UAE Insurance sector
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 AED50.4bn ($13.7bn) in 2023, compared to AED44.1bn ($12bn) 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 AED30.3bn ($8.2bn) in 2023, compared to AED26.5bn ($7.2bn) in 2022.
Dubai accounted for 60.7 per cent of these claims, and Abu Dhabi for 28.9 per cent.
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