While preliminary estimated insured property losses arising from the floods in April in the UAE are likely to exceed US$650m, they could reach as high as $850m, with the most affected emirate being Dubai, says Guy Carpenter, a leading global risk and reinsurance specialist.
The Global Association of InsurTech Professionals (GAIP) has been launched in Dubai, to bring under one umbrella international InsurTech personalities, innovators, technology providers, investors, senior dignitaries, government authorities, insurance industry regulators, and other key stakeholders.
Insurance companies are willing to insure industrial and commercial facilities that take risk mitigation measures, according to Minister of State for Financial Affairs Mohammed bin Hadi Al-Husseini.
Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region, has consolidated its position as the principal hub for the (re)insurance industry, with the highest gross written premiums (GWP) recorded in its 20-year history of $2.6bn in 2023, increasing by 23% from $2.1bn in 2022.
Comprehensive motor insurance premiums increased by between 10% and 20% in the first quarter of this year, reaching 3% of the total value of the vehicle.
S&P Global Ratings (S&P) says that it is too early to assess the full financial impact of the floods ravaging the UAE over the past week and that therefore, negative rating actions are unlikely at this time.
AM Best expects the recent extreme weather that caused severe flash flooding in the United Arab Emirates (UAE) to prompt swathes of claims for motor, property, and business interruption insurers in the region.
HAYAH, a pioneering digital insurance company, has unveiled a health insurance offering called "Health Protect", empowering customers to obtain a policy within minutes through an intuitive online journey.
The UAE insurance sector posted higher premiums in the medical and property & liability insurance branches in 2023. But the industry needs to work on other areas too, says Mr Avinash Babur, CEO of InsuranceMarket.ae, an insurance brokerage which operates an online insurance platform.
The combined insurance revenue of listed insurance companies in the UAE saw a 20% surge to AED30bn ($10.9bn) in 2023, compared to AED25bn in 2022, according to an analysis by Badri Management Consulting of the financial statements of the insurers which number 25.