Media ININ Economy We Trust
The insurance sector in the UAE continued; Recording record growth during the past year 2022, which is evident in the increase in the number of insurance policies in line with the increase in total insurance premiums written. According to the data of the “Central Bank of the Emirates”; Total insurance premiums increased on an annual basis by 6.5% to reach 47.2 billion dirhams, compared to 44.3 billion dirhams in 2021, driven by an increase in property and liability insurance premiums by 14.8%, representing premiums of 17.8 billion dirhams, compared to 15.5 billion dirhams in 2021, as well as in Health insurance premiums increased by 9.5%, amounting to 21.8 billion dirhams, compared to 19.9 billion dirhams.
On the other hand, insurance premiums for individuals and fund accumulation decreased by 15% to 7.6 billion dirhams, compared to 8.9 billion dirhams. The total number of insurance policies increased by 1% to 8.8 million policies compared to 8.7 million policies issued in 2021. The increase is mostly attributed to the increase in property and liability insurance policies, especially in auto, engineering and miscellaneous insurance.
Total paid claims increased by 2.6% to reach 27.3 billion dirhams, compared to 26.6 billion dirhams in 2021, mainly due to an increase in paid claims in property and liability insurance by 17% to 7.6 billion dirhams, compared to 6.5 billion dirhams in 2021. As well as health insurance claims, by 6.4%, to 16.6 billion dirhams, compared to 15.6 billion dirhams, while paid claims for individual insurance and fund formation decreased by 31.1%, to 3.1 billion dirhams, compared to 4.5 billion dirhams.
provisions and investments
Total technical provisions decreased by 3% to 69 billion dirhams, compared to 71.1 billion dirhams, mostly due to lower insurance premiums for persons and the accumulation of funds of insurance companies. % of total assets) compared to 78.9 billion dirhams (64.3% of total assets) in 2021.
