The insurance sector in the UAE, both conventional and Islamic, is expected to grow by 15-20% in 2024, according to S&P Global Ratings (S&P).
Gallagher has launched alternative risk management solutions in the Abu Dhabi Global Market (ADGM) through its wholly-owned subsidiary, Artex.
Intense discussions are underway between domestic insurance companies in the UAE market and global reinsurers to keep next year's reinsurance premium rates at the same level as those of this year, to avoid hiking insurance premiums, according to the Emirates Insurance Federation (EIF).
Takaful Emarat has reduced its share capital by more than AED124.35m ($33.8m) in a restructuring exercise.
The insurance broking community in the UAE has voiced serious concerns over the reported move by Emirates Insurance Federation's (EIF) to cap motor insurance commissions. The brokers have said that such a move could destabilise the UAE insurance industry.
Insurers are navigating a complex terrain to price electric vehicles (EVs), according to InsuranceMarket.ae founder and CEO Avinash Babur. InsuranceMarket.ae is an InsurTech.
The Emirates Insurance Federation (EIF) has proposed imposing a ceiling on the commission rate charged by motor insurance brokers.
HDFC International Life and Re Company (HDFC International), based in the DIFC, has recorded profitable operating results in four of the past five financial years (FY2020 - FY2024), with a weighted average return on equity (ROE) of 1.4%, as calculated by AM Best.
The total motor insurance premiums generated in 2023 amounted to about AED5.9bn ($1.6bn), of which AED4.3bn was accounted for by locally incorporated companies and AED1.6bn by foreign insurers, according to data released by the Central Bank of the UAE.
The recent floods in the GCC region were an eye-opener for all stakeholders to act to deal with weather-related perils and their impact on the societies and economies of the region, said speakers at the 19th Gulf Insurance Forum in Dubai earlier this week.