The United Arab Emirates’ insurance industry has seen a significant growth of 18.5% in gross written premiums in the first quarter of 2024, reaching AED21.1 billion ($5.7 billion). According to the Central Bank of the UAE’s “Quarterly Economic Review June 2024”, the growth was driven by a 24.6% increase in property and liability insurance premiums, a 15.1% rise in health insurance premiums, and a 15% increase in life insurance premiums and savings. The industry’s gross paid claims also saw an 18.3% year-on-year increase, mainly due to a 47.1% surge in claims paid in property and liability insurance. The number of licensed insurance companies in the UAE remained at 60, comprising 23 traditional insurers, 10 takaful companies, and 27 foreign companies.
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