Insurance brokers estimate that approximately 100,000 vehicles in the UAE were affected by the rains in April, with the number equivalent to the cumulative total of the past 12 years.
Listed insurers in the UAE generated profit before tax of AED722m ($197m) in 1Q2024, a 29% jump from the corresponding quarter in 2023, according to an analysis of the financial results of 26 companies by Badri Management Consultancy.
Some insurers in the UAE have increased premiums for losses arising from NAT Cat, while others are still considering adjustments in rates and will do so in the near future.
The number of Managing General Agents (MGAs) at the Dubai International Financial Centre (DIFC) has been increasing, according to Mr Arif Amiri, CEO of the DIFC Authority.
AM Best has upgraded Dubai Insurance Company's (DIN) Financial Strength Rating to 'A' (Excellent) from 'A-' (Excellent) and the Long-Term Issuer Credit Rating to "a" (Excellent) from "a-" (Excellent) of Dubai Insurance Company (PSC) (DIN) (). The outlook of these credit ratings has been revised to 'Stable' from 'Positive"
The UAE insurance industry sees rising demand for comprehensive motor insurance in the wake of severe floods in recent weeks that submerged or swept away vehicles.
Anoud Technologies (Anoud Tech), a global InsurTech group based in Qatar, launched its UAE branch last week as part of its strategy to become the IT platform provider of choice for the insurance industry in the MENA region and beyond.
The National Health Insurance Company - Daman, part of PureHealth, the largest integrated healthcare platform in the Middle East, has launched its first non-health insurance product, The Daman Gratuity and Employee Benefits (GEB) Trust.
While preliminary estimated insured property losses arising from the floods in April in the UAE are likely to exceed US$650m, they could reach as high as $850m, with the most affected emirate being Dubai, says Guy Carpenter, a leading global risk and reinsurance specialist.
The Global Association of InsurTech Professionals (GAIP) has been launched in Dubai, to bring under one umbrella international InsurTech personalities, innovators, technology providers, investors, senior dignitaries, government authorities, insurance industry regulators, and other key stakeholders.