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.
Price increases, regulatory enforcement, M&A activity and generally favourable economic conditions have boosted the insurance revenue of 76 listed insurers in the GCC region for a second consecutive year in 2023 (FY2023).
Sukoon Insurance Company has announced that it had received acceptances for 2,411,030 shares which represent 1.57% of the shares of Arabian Scandinavian Insurance Company - Takaful (ASCANA).
The UAE insurance sector reported robust growth of 12.7% in gross written premiums to AED53.2bn ($14.5bn) in 2023, compared to 2022, according to data from the Central Bank (CBUAE).
Islamic Arab Insurance Company, listed as SALAMA on the Dubai Financial Market, posted a net loss of AED139.33m ($37.94m) for the 2023 financial year, compared to a net profit after tax of AED35.44m.