Total claims paid for all types of insurance plans in the UAE increased by 18.3% year-on-year to reach AED 8.4 billion in the first quarter of 2024.
Total increased Insurance premiums Subscriptions increased by 18.5% on an annual basis in the first quarter of 2024 to 21.1 billion dirhams, according to a report issued by Central Bank of the Emirates.
This growth is mostly due to an increase in property and liability insurance premiums by 24.6% on an annual basis, in health insurance premiums by 15.1% on an annual basis, and in persons and funds insurance. Premiums accumulated 15% year over year, primarily due to higher group and individual life premiums.
The report revealed that the total claims paid for all types of insurance plans increased by 18.3% on an annual basis, reaching 8.4 billion dirhams in the first quarter of 2024. This is mainly due to an increase in claims paid in property and liability insurance by 47.1% on an annual basis, and in Securing people and accumulating money.
The report indicated an increase in total technical allocations for all types of insurance by 6.9% on an annual basis to 78.8 billion dirhams in the first quarter of 2024, compared to 73.7 billion dirhams in the first quarter of 2023.
The volume of assets invested in the insurance sector reached 72.2 billion dirhams (54.8% of total assets) in the first quarter of 2024, compared to 70.5 billion dirhams (54.9% of total assets) in the first quarter of 2023.
The retention rate for written premiums for all types of insurance reached 50.2% (AED 10.6 billion) in the first quarter of 2024, compared to 53.2% (AED 9.5 billion) in the first quarter of 2023.
The insurance sector in the UAE remained relatively well capitalized. general. The ratio of private funds to the minimum capital requirements increased to 376.9% in the first quarter of 2024, compared to 340.6% in the first quarter of 2023. The ratio of private capital requirements to solvency reached 194.8% in the first quarter of 2024 compared to By 198% in the first quarter of 2023, as a result of the increase in private funds eligible to meet solvency capital requirements.
The ratio of own funds to minimum guarantee funds decreased to 301.5% in the first quarter of 2024 compared to 309.3% in the first quarter of 2023.
