UAE – The 2014 Annual Report of Insurance Activities issued
Wednesday, 07 08 2015, Category: Insurance and Reinsurance, Country: U.A.E
H.E. Eng. Sultan Bin Saeed Al Mansouri, Minister of Economy and Chairman of the Board of Directors of the Insurance Authority was pleased to present the annual report prepared by the Insurance Authority on the insurance sector activity in UAE during the year 2014 in order to acquaint the reader with the different aspects of UAE insurance market, hoping that the report would achieve the objectives for which it has been prepared; shed light on the most prominent achievements of this important sector and the development attained during the above mentioned year and serve as reference for the researchers and those interested in the insurance affairs inside and outside UAE.
Written premiums of all types of insurance amounted AED billion 33.5 (increased by 13.5% as compared to that of the year 2013). This fact ascertains standing of this important sector and the vital roles it plays in the national economy due to the huge amount invested therein which amounted during the year 2014 AED billion 39 out of which 64.1% investments in shares and bonds and 22.3% investments in deposits. On the other hand, the total equities of the national insurance companies amounted to AED billion 19.8
No doubt that the establishment of an independent authority to organize and supervise UAE insurance sector by virtue of the Federal Law No.6 of 2007 reflects the importance accorded by the State to this sector and its role in protecting the activities related to the economical, commercial, industrial and architectural sectors and providing health protection to all segments of the society, assuring that this care has put up additional responsibility on the Insurance Authority’s officials to exert maximum effort to complete the legislation organizing the sector, avail a technically qualified cadres and pay heed to ongoing training to keep up with the development and to ensure implementation of the best international standards to organize the market.
Source: Insurance Authority - UAE