Abu Dhabi National Insurance Company (ADNIC), a leading multi-line insurance provider for both corporates and individuals, delivered exceptional results in 2024, achieving its highest-ever total insurance revenue and net profit. This performance is attributable to the company's regional expansion and several ambitious initiatives.
Insurance customers in the United Arab Emirates will have to make payments directly to insurers instead of through brokers from 15 February 2025, when the new industry regulations are implemented, according to news site the Khaleej Times.
The UAE's federal export credit company, Etihad Credit Insurance (ECI), has become the first insurer in the country to join the KYC blockchain platform. The initiative improves KYC compliance, customer data quality, and supports future growth of the network and is led by the Dubai Department of Economy and Tourism (DET).
Sukoon Insurance Company (Sukoon) achieved net profits after tax of around AED266.8m ($72.7m) in 2024, compared to AED257.4m in the preceding year, a growth of 3.6%. Profit before tax reached AED291.5m by the end of 2024, a growth of 13 % year-on year.
In 2024, the UAE maintained its regional leadership in the financial sector and vital initiatives were introduced setting the stage for a brighter future ahead, said the Central Bank of the UAE (CBUAE) in a statement last week.
A vast majority of insurance claims from the rains and resultant flooding in the UAE has been settled.
Al Ansari Exchange, the UAE's largest remittance and foreign exchange company, has expanded its services becoming authorised to collect pension contributions from corporates on behalf of The General Pension and Social Security Authority (GPSSA) and Ma'ashi.
In 2024 over 10,500 workers accessed the emirate's unemployment insurance policy according to the data published by the ministry of human resources and emiratisation (MOHRE). The ministry reported that these workers received essential financial support during their unemployment periods. The policy currently has 9m subscribers.
Dubai International Financial Centre (DIFC) Academy and Lloyd's Academy will work together to foster development of future talent into insurance industry.
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.