The technical performance of Al Dhafra Insurance Company (ADIC) has started to return to historical averages as evidenced by a net-net combined ratio of 86%, as calculated by AM Best, reported for the first three quarters of 2024.
The UAE insurance industry's profit before tax increased by 8%, reaching AED2.0bn ($545m) in the first nine months of this year, from AED1.8bn in the corresponding period in 2023, points out Badri Management Consultancy which specialises in actuarial services.
Dubai National Insurance & Reinsurance's (DNI) cross-cycle operating performance is expected to remain strong, supported by its stringent underwriting and prudent risk selection, said AM Best.
Dubai Insurance Company (DIN), one of the UAE's biggest insurers, has a strong record of underwriting profitability and reported a net insurance service result of AED123m ($33.5m) in 2023 (2022: AED76m) and a combined ratio of 86% (2022: 80%) under IFRS17, says Fitch Ratings.
Medical costs in the UAE are projected to climb by double digits in 2025, according to the findings of the "WTW Global Medical Trends Survey 2025".
The UAE has seen a sharp rise in cyber threats in 2024, particularly ransomware attacks, with 34 reported incidents between January and November, up from 27 in all of 2023, according to Acronis Threat Research Unit data.
Vehicle owners are complaining that some insurance companies have been refusing to sell them comprehensive insurance. Instead, the insurers offer them motor third-party liability insurance.
Total written premiums in the UAE are expected to grow by up to 8% in 2024 to more than AED57.7bn, compared to AED53.4bn in 2023.
Insurance companies in the UAE reported a loss of AED445.4m ($121.3m) in the motor branch in 2023, according to data issued by the Central Bank.
West P&I Club has officially opened its new base in the Dubai International Financial Centre (DIFC), the first International Group (IG) Club to establish a presence in the Middle East.