The UAE Insurance Authority has recently released its Annual
Statistical Report for the Insurance Sector in the United Arab
Emirates for 2014. The Report provides a comprehensive overview of
the (re)insurance landscape in the UAE.
The key points highlighted in the report are:
Continued growth in the insurance market -
insurance premiums for the UAE grew by 13.5% to AED 33.5 billion
(approximately US$9.12 billion) in 2014, a 1.3% increase on the
2012-2013 growth rate.
The dominance of compulsory lines - general
insurance remained the major contributor to the total premiums in
the UAE accounting for AED24.9 billion (approximately US$6.8
billion) or 74.3% of total written premiums in the market, albeit
this represents a 2% reduction from 2013. However, health insurance
accounted for approximately US$3.03 billion of this business.
