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Wednesday, July 24, 2024

UAE Insurance Sector Gains AED11.5 Billion

The UAE insurance sector demonstrates robust growth, with total assets increasing by 9.6% to AED 131.6 billion in the first nine months of 2023, marking an impressive AED 11.5 billion rise from the year-end 2022 figure of AED 120.1 billion. The Central Bank of the UAE’s data reveals a positive quarter-on-quarter performance, with a 3.05% increase (AED 3.9 billion) in assets from Q2 to Q3 of 2023, reflecting a thriving insurance market. The UAE consistently holds a leadership position in the Arab insurance landscape and ranked 37th globally in total subscribed premiums in 2021, reinforcing its status as a regional powerhouse with a global impact. The sector’s resilience and dynamism position it for ongoing expansion and prominence on the world stage.

(Courtesy WAM)

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