Insurance companies in the UAE have raised the prices of comprehensive motor insurance policies during the first half of the year by a percentage ranging between 20% and 25% compared to the corresponding period in 202, according to Mr Saeed Abdullah Al Muhairi, CEO of United Gulf Insurance Brokers.
The Federal Authority for Identity, Citizenship, Customs, and Port Security (ICP) has announced a health insurance project for tourist visas.
Profits at UAE insurance companies' profits could plunge by up to one-fourth in the second quarter due to unprecedented rains in April, which caused severe property and vehicle damages.
Miami-headquartered managing general agent and coverholder at Lloyd's, XS Global, has boosted its reinsurance capacity with the launch of XS Global (DIFC).
Widespread flood losses in the UAE in recent months have reinforced reinsurers' discipline, according to Gallagher Re, one of the largest global reinsurance brokers.
Shareholders at the annual general meeting of Takaful Emarat Insurance Company have approved a special resolution allowing for a capital increase of AED185m ($50.4m) for the company.
The Central Bank of the UAE (CBUAE) has issued the Sandbox Conditions Regulation, which aims to attract start-ups and global FinTech businesses.
Emirates Insurance Co (EIC) will maintain its competitive position, premium growth trend, and positive underwriting performance, says S&P Global Ratings (S&P).
The UAE insurance sector continued to grow in 1Q2024, reflected by the increase of 18.5% year on year in gross written premiums to AED21.1bn ($5.7bn), according to the "Quarterly Economic Review June 2024" published by the Central Bank of the UAE.
Owners of Japanese, Korean and Chinese car models in the UAE are facing the highest increases in motor insurance premiums on renewals as the full impact of April's rains is felt by vehicle owners and insurers alike.