UAE:45% of insurance business ceded to foreign reinsurers in last 3 years

03 Aug 2015

Local insurance companies ceded premiums totalling AED22.64 billion to reinsurers overseas during the past three years as a result of inadequate capacity to cover major risks and the lack of local reinsurance, according to data from the Insurance Authority. Premiums ceded to overseas reinsurers accounted for 45.2% of total premiums written of AED50.12 billion by local insurers during 2012 to 2014.

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