Watania Takaful Family (WTF) has announced a new strategic partnership with Aura, the state-of-the-art health insurance platform, to deliver faster and more tailored services for small and medium enterprises (SMEs) in the UAE.
Even as health insurance premiums in Dubai have risen up to 20% beginning 1 January 2025, the insurers are offering additional benefits such as dental, psychiatric, organ transplant and dialysis to their policyholders.
Health Policies and Standards Department of Dubai Health Authority (DHA) on 10 January 2025 published a new mental health services standard (External Circular- DHA_25_049) which will come into effect from 28 February 2025. The new standard aims to fulfil some of the targets of the Dubai Health Sector Strategy 2026.
Health and motor insurance premiums will increase in Dubai from 1 January 2025, as insurers hike rates to keep pace with the rising expenses in healthcare and vehicle repair costs.
Pakistani insurer Adamjee Insurance Company has reported a significant loss of approximately PKR500m ($1.8m) due to claims, especially in the motor portfolio, resulting from the catastrophic flooding in Dubai in April 2024. The company's Pakistan operations are, however, profitable.
AM Best has announced that Dubai National Insurance (DNI) has received a stable outlook, with a financial strength rating of A- (excellent) and a long-term issuer credit rating (long-term ICR) of "a-" (excellent).
Egypt's state-owned general insurer, Misr Insurance Company (Misr Insurance), and the UAE-based Al Ain Ahlia Insurance Company have entered a strategic partnership to enhance cooperation in the fields of digital transformation between the two companies, as well as develop insurance products, exchange scientific expertise, improve the level of training and exchange expertise; in the interest of both companies, said a statement issued by Egypt's Ministry of Investment and Foreign Trade (MIFT).
In 2025, mandatory health insurance will be extended to cover all workers in the UAE at an affordable rate and reasonable benefits.
The UAE insurance sector maintained its growth trajectory in the first three quarters of 2024 as well. According to the Quarterly Economic Review issued by Central Bank of UAE (CBUAE) in December 2024, gross written premiums (GWP) for the insurance sector grew by 20.9% touching AED50.8bn ($13.8bn) as compared with AED42bn written in the first three quarters of 2023.
Nexus Underwriting (Nexus), a Brown & Brown group venture, has entered into an agreement to acquire Arma Fusion Limited, the parent company of Arma Underwriting Limited (Arma).