For the first time in many years, the 29 listed insurers in the UAE as a whole showed a net underwriting deficit, with an aggregate combined ratio of 102% for 2014, compared to 97% for 2013, and return on equity of 5.6% for las year versus 10.0% for the previous year. Despite last year's showing, the positive economic outlook for the UAE is likely to expand the insurance market this year, according to Standard & Poor's Ratings Services.