65.1 billion dirhams total written insurance premiums during 2024, a growth of 22%

Dubai, December 14 / WAM / The insurance sector in the UAE has continued its positive performance. It recorded a growth during the past year of 2024 of 22% in total written insurance premiums, reaching 65.1 billion dirhams, compared to 53.4 billion dirhams in 2023, according to data from the Federal Center for Competitiveness and Statistics and the Central Bank of the United Arab Emirates.

Data related to insurance sector indicators in the country showed a remarkable growth in property and liability insurance premiums by 26.6%, to reach 26.3 billion dirhams, compared to 20.8 billion dirhams in 2023. Premiums for personal insurance and money formation operations also increased by 12%, to reach 7.5 billion dirhams, compared to 6.7 billion dirhams in 2023.

Data related to insurance sector indicators in the country also showed a remarkable growth in property and liability insurance premiums by 26.6%, reaching 26.3 billion dirhams, compared to 20.8 billion dirhams in 2023.

This strong performance reflects the strength of the insurance sector in the country, supported by sustainable economic growth, the expansion of commercial and investment activities, in addition to regulatory developments that contribute to enhancing market efficiency and raising the level of confidence among individuals and companies.

The total number of insurance policies increased to 17.2 million documents, compared to 15.6 million documents in 2023, a growth of 10%. The highest growth rate came in the category of health insurance policies, which recorded a record jump in the number of documents by 60%, rising to 2.2 million documents, compared to 1.4 million documents in 2023, while the total number of property and liability documents reached 14.6 million documents, compared to 13.9 million documents in 2023. 2023, with a growth rate of 5%, while the total number of insurance policies for people and money formation operations reached 305.9 thousand policies, compared to 302.5 thousand policies in 2023, with a growth of 1%.

The total technical allocations that insurance companies are required to maintain to meet their financial obligations to all insurance branches increased by 20.9%, to reach 92.2 billion dirhams in 2024, compared to 76.3 billion dirhams in 2023. The increase was driven by an increase in property and liability insurance allocations by 44.9% to reach 37.6 billion dirhams, and an increase in health insurance allocations by 24.1% to reach To 17.0 billion dirhams, and allocations for personal insurance and money formation operations increased by 2.8% to reach 37.7 billion dirhams in 2024.

With regard to paid claims, which are the total amounts that insurance companies in the UAE actually paid to the insured and beneficiaries during the year, in exchange for settling insurance claims, statistics reported an increase in their total for all branches of insurance for national and foreign companies during the year 2024, by 32%, to reach 41.6 billion dirhams, which included 28.9 billion dirhams for national companies, and 12.7 billion dirhams for foreign companies, compared to 31.6 billion dirhams in the year. 2023, distributed to 21.8 billion dirhams for national companies, and 9.8 billion dirhams for foreign companies.

This is mainly due to an increase in claims paid in property and liability insurance by 83%, especially fire and automobile insurance, claims paid in health insurance by 14%, and an increase in claims paid in personal and fund creation insurance by 26%.

As for the claims incurred, which are the sum of claims paid and other costs paid and incurred by insurance companies during the year, their total for all branches of insurance for national and foreign companies increased for the year 2024 with a growth rate of 45%, reaching 53.3 billion dirhams, which included 39.1 billion dirhams for national companies, and 14.2 billion dirhams for foreign companies, compared to 36.6 billion dirhams in 2023, which included 25.1 billion dirhams for companies. National, and 11.5 billion dirhams for foreign companies.

Statistics showed an increase in the total assets invested in the insurance sector of national and foreign companies during the year 2024, which is the total assets held in insurance companies for investment purposes, by 10%, to reach 84.9 billion dirhams, which included 48.6 billion dirhams for national companies, and 36.3 billion dirhams for foreign companies, compared to 77.2 billion dirhams in 2023, which included 42.1 billion dirhams for national companies, And 35 billion dirhams for foreign companies, and investments in securities and debt securities constituted the largest share of the total invested assets, with a value of 36.3 billion dirhams, followed by assets invested in cash and deposits with a value of 25 billion dirhams, and the rest of the value was distributed among other categories of invested assets, such as real estate investments, loans, and others.

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