11% annual growth rate in Emirati insurance sector
Friday, 10 30 2015, Category: Insurance and Reinsurance, Country: U.A.E
The insurance sector in the UAE grew remarkably during the period 2010-2014, at a compound annual growth rate of 11% reaching AED 33.5 billion in year 2014, according to HE Sultan bin Saeed Al Mansouri, UAE Minister of Economy, chairman of the Insurance Authority who indicated that total investments in the sector increased by 10% reaching AED 45.2 billion in year 2014.
Al Mansouri confirmed that the insurance sector in the Gulf Cooperation Council has growing capabilities and enjoys a strong competitive position at the level of the Arab world as well as regionally and internationally.
He clarified that Gulf Cooperation Council countries tend to strengthen strategic economic policies which aim at diversifying economies away from oil. Moreover, projects which promote economic growth and the infrastructure are ongoing and continuous which reflect positively on businesses, the economy and finance as well as insurance in particular.
Source: Al Ittihad