UAE: Insurance House taking steps to improve performance

Source: Middle East Insurance Review | Mar 2015

Abu Dhabi-based Insurance House (IH) will weed out unprofitable businesses this year to put its performance back into the black. The effect of these initiatives will be reflected clearly in 2015, said the company.

The insurer reported a loss of AED20.8 million (US$5.66 million) last year against a profit of AED9.5 million for 2013. It attributed the performance to a rise in motor and medical claims, as well as intense industry competition which drove down premium rates.

“Going forward, profits from core insurance activities will be driven by continuous fine-tuning of our risk underwriting policies and capabilities and through enhanced claims management procedures,” said IH’s Chairman, Mr Mohammed Alqubaisi.

The insurer said that net premiums earned increased by 6.8% y-o-y to AED70.7 million in 2014, while operating costs rose by 32.9% y-o-y to AED110 million last year.

AED1 = US$0.27

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