UAE: Insurance industry expands by 6.5% in 2022
Source: Middle East Insurance Review | May 2023
The UAE insurance sector saw total written insurance premiums increase to AED47.2bn ($12.8bn) in 2022, 6.5% higher than the AED44.3bn recorded in 2021, according to statistics released by the Central Bank of the UAE (CBUAE).
In comparison, the industry saw a GWP growth rate of 4.3% in 2021. The inflation rate in the UAE was around 5% in 2022, higher than the 0.2% seen in 2021.
The CBUAE attributed the increase in total written premiums to the 14.8% y-o-y increase in property and liability insurance premiums to AED17.8bn in 2022, in addition to a 9.5% growth in health premiums from AED19.9bn in 2021 to AED21.8bn.
However, premiums in the life segment decreased by 15% to AED7.6bn in 2022 compared to AED8.9bn in 2021.
Total claims paid by insurance companies amounted to AED27.3bn in 2022, representing an increase of 2.63% over 2021.
Total technical provisions fell by 3% to AED69bn as of 31 December 2022, compared to 12 months previously. This was mostly due to lower insurance premiums in the life insurance branch. M