SALAMA Islamic Arab Insurance, the leading takaful company in the UAE, says that its revitalised investment strategy has resulted in the group's investment income rising to AED40.66m ($11.07m) in 2022 from AED18.43m in 2021.
Motor insurance premiums have increased by between 10-20% since the beginning of this year, driven by the increase in the population of the UAE that brought about growth of vehicle numbers.
Abu Dhabi National Takaful Company (ADNTC) has received an Insurer Financial Strength (IFS) Rating of 'A-', with the outlook 'Stable' from Fitch Ratings.
Risk Exchange (DIFC), an international reinsurance intermediary based in Dubai Internationl Financial Centre, and Timber Creek Insurance Group, a reinsurance company based in the US, have signed a global MGA agreement.
Spending on life insurance, retirement savings, investment in property, children's education, top the list of how the majority of UAE residents plan to use their annual bonuses, according to the findings of a survey commissioned by Zurich International Life (Zurich), part of Zurich Insurance Group.
Dubai International Financial Centre (DIFC) has granted a captive insurance licence to Ma'aden, the largest multi-commodity mining and metals company in the Middle East, and one of the top five largest mining companies in the world based on market capitalisation.
The insurance market in the United Arab Emirates reported a marked deterioration in underwriting profitability in 2022, notes A M Best.
Vehicle owners in the UAE faced average premium increases when renewing their motor insurance policies in the first two months of 2023 of 7.7%-11% compared to a year ago, depending on the vehicle, model year, and the claims record of the vehicle owner.
Dar Al Takaful (DAT), a leading takaful company in the UAE, has announced its preliminary, unaudited, financial results for the financial year ended 31 December 2022 (FY22), in which the company posted Gross Written Contribution (GWC) of AED807.59m ($220m), an increase of 14% compared to 2021.
The Department of Health-Abu Dhabi (DoH), in cooperation with Abu Dhabi Department of Economic Development (ADDED), has introduced a flexible health insurance option in Abu Dhabi.