Total profits of UAE insurance sector amount to Dh2.5 billion in 2023: CBUAE

ABU DHABI (WAM)

The Central Bank of the UAE (CBUAE) 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 percent.

Abu Dhabi’s share reached 21 percent, Ras Al Khaimah 6.6 percent, Sharjah 4.58 percent, Fujairah 1 percent, and Ajman 0.5 percent. Policies written outside the UAE accounted for approximately 6.4 percent.

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 percent, while Abu Dhabi's share was approximately 27.7 percent.

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 percent of these claims, and Abu Dhabi for 28.9 percent.