Global Arab Network | UAE Insurance Authority: Dhs 21.6 billion invested in the insurance market

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UAE Insurance Authority: Dhs 21.6 billion invested in the insurance market

Global Arab Network - - Maha Karim

Saturday, 12 September 2009 23:14

The Insurance Authority has launched its annual report on the UAE Insurance sector highlighting the development achieved by the significant sector during last year.
It quoted Minister of Economy and Chairman of the Board Insurance Authority Sultan Saeed Al-Mansouri as saying Dhs 21.6 billion were invested in this sector last year. Shares and bonds account for 45 percent of these investments while deposits account for 34.2 percent according to Al-Mansouri.

The new report asserts the substantial role of the insurance sector in the UAE national economy.

The value of underwriting premiums at the insurance market amounted to Dhs 18.3 billion, he added. The report highlights the most important achievements of the Insurance Sector in the country. The report said the UAE economy is remarkably stable as a result of the prudent policy adopted by the government to boost diversification of national income sources. The development of economic, constructional and social activities in the UAE has positively reflected on the Insurance Sector, Al Mansouri said.

The premiums within the insurance industry against property and liability increased from Dhs 11.9 billion in 2007 to Dhs 15.6 billion in 2008 accounting for as increase rate of 31.1 percent . The claim ratio fell to 57.6 percent in 2008 down from 62.2 percent during 2007, the report said.

Up until the end of 2008 there were 56 Insurance Companies registered in the UAE, out of which 29 were national insurance companies incorporated in the U.A.E., and 27 foreign insurance companies incorporated abroad, said the report. The number of companies carrying out all insurance activities (insurance of human life and accumulations of funds operations and insurance against property and liability) were 11 national companies and two foreign companies. The number of companies carrying out insurance against property and liability only were 16 national companies and 17 foreign companies, while the number of insurance companies carrying out insurance of human life and accumulations of funds operations were only two national companies and eight foreign companies, said the report.

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