Gross written premium increased by 12.7% in Q4 2023 to Dh53.2 billion: CBUAE

The UAE insurance sector continued to grow in Q4 2023, as reflected by the increase in the gross written premiums. As of year-end, the number of licenced insurance companies in the UAE remained at 60, the UAE Central Bank announced in its quarterly economic report on Monday.

The insurance sector comprised 23 traditional national companies, 10 Takaful national and 27 foreign companies, while the number of insurance-related professions remained at 491.

According to the Central Bank report, the gross written premium increased by 12.7 per cent YoY in Q4 2023 to Dh53.2 billion, mostly due to an increase in health insurance premiums by 16.5 per cent YoY and an increase in property and liability insurance premiums by 18.9 per cent YoY, while the insurance of persons and fund accumulation premiums decreased by 12.4 per cent YoY, resulting primarily from the decrease in individual life premiums.

Paid claims

The report indicated that the gross paid claims of all types of insurance plans increased by 12.8 per cent YoY to Dh31.1 billion at the end of 2023. This was mainly driven by the increase in claims paid in health insurance by 16.9 per cent YoY and the increase in paid claims in property and liability insurance by 10.9 per cent YoY, partially offset by the decline in claims paid in insurance of persons and fund accumulation by 2.8 per cent YoY.

Technical Provisions

The total technical provisions of all types of insurance increased by 8.4 per cent YoY to Dh74.4 billion in Q4 2023 compared to Dh68.6 billion in Q4 2022.

Investments