UAE: Premiums estimated to have broken through AED50bn-mark in 2018
Source: Middle East Insurance Review | Feb 2019
Total premiums written in 2018 are expected to have exceeded AED50bn ($13.6bn), the first time the industry has broken through this mark.
Mr Sultan bin Saeed Al Mansouri, Minister of Economy and chairman of the Insurance Authority (IA), said the UAE insurance sector will witness growth rates of more than 10% per annum, and to continue to lead in the region.
GWP for all insurance classes amounted to AED44.8bn, accounting for an increase of 12% as compared to 2016.
The IA is working on several initiatives, including looking into telematics to study the behaviour of motorists and motor insurance prices, said Mr Al Mansouri in an interview with Emirates Today. Insurance products are also being developed for self-driving vehicles. The Authority is encouraging insurers to offer discounts to owners of electric vehicles.
He added, “The IA encourages mergers between insurance companies to create strong financial entities capable of facing any technical and financial challenges in the future.”
Mr Al Mansoori said the Authority has prepared a draft reinsurance business plan that will encourage the establishment of national reinsurance companies. M
AED1 = $0.27