The market share of national insurers in the United Arab Emirates has risen to 73.3% in 2023, up from 71.4% in 2022, according to the “Annual Statistical Report for the Insurance Sector of the UAE 2023” by the Central Bank. Over the past five years, the share of locally incorporated insurers has steadily increased from 66% in 2019. The total gross written premiums in the insurance sector climbed by 13% year-on-year to AED53.4 billion ($14.5 billion) in 2023, propelled by significant gains in property, liability, and health insurance. Additionally, the insurance sector recorded profits of AED2.5 billion, bolstered by net investment income, reflecting a robust market environment.
