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.
The UAE's new mandatory health insurance scheme announced last week will increase the overall size of the insurance market after it is launched on 1 January 2025.
The UAE Cabinet has approved the establishment of a mandatory health insurance system for private sector employees and domestic workers who do not have existing cover across all emirates.
The Ramadan period presents specific challenges to road users for a number of reasons including increased traffic, according to an analysis of motor insurance claims data by Japanese general insurance giant Tokio Marine, presented in collaboration with RoadSafetyUAE.
Sanadak, the Ombudsman Unit catering to customers of financial institutions and licensed insurers, has started operations, in line with the UAE leadership's directive to enhance government services, and in accordance with the regulations set by the Central Bank of the UAE.
Sukoon Insurance Company has announced that it has obtained the necessary approvals from the regulatory authorities to submit an offer to the remaining shareholders of Arabian Scandinavian Insurance Company - Takaful (ASCANA).