The Central Bank of the UAE (CBUAE) has reported that the total profits of the country’s insurance sector reached Dh2.5 billion in 2023, up from Dh1.96 billion in 2022. This rise was primarily attributed to the increase in net investment income within the insurance sector during 2023.
According to the CBUAE’s annual statistical report for the UAE’s insurance sector in 2023, the total number of insurance policies written across all types of insurance in the UAE surged to 14.6 million policies year-on-year (Y-o-Y) in 2023, compared to 8.4 million policies in 2022. This growth was largely driven by a higher number of property and liability insurance policies, particularly in Involuntary Loss of Employment Insurances in 2023.
Dubai led with a significant share of 59.9 percent, followed by Abu Dhabi with 21 percent, Ras Al Khaimah with 6.6 percent, Sharjah with 4.58 percent, Fujairah with 1 percent, and Ajman with 0.5 percent. Policies written outside the UAE accounted for approximately 6.4 percent.
Gross written premiums within the UAE also saw an increase, reaching Dh50.4 billion Y-o-Y in 2023, up from Dh44.1 billion in 2022. Dubai’s share was 61 percent, while Abu Dhabi’s share was around 27.7 percent.
Additionally, gross paid claims within the UAE rose to Dh30.3 billion Y-o-Y in 2023, compared to Dh26.5 billion in 2022. Dubai accounted for 60.7 percent of these claims, and Abu Dhabi for 28.9 percent.
