UAE – 10% growth insurance premiums in 2015
Tuesday, 02 02 2016, Category: Insurance and Reinsurance, Country: U.A.E
Swiss Re which is a professional reinsure said that the “local insurance sector in the UAE posted a 10% growth in written premiums last year compared to year 2014”, indicating that both the UAE and Saudi Arabia account for 90% of the Takaful insurance contributions which complies with the Islamic Sharia in the region comprising the Middle East, Turkey and Pakistan”.
Moreover, the Emirates Insurance Association noted that “the local insurance sector is still achieving the highest growth rates, taking advantage of the strength of the local economy, and the compulsory insurance lines” indicating that “health insurance will lead the insurance sector growth locally during the current year given the planned compulsory insurance program in the Emirate of Dubai”.
And it expected motor insurance prices during the current year to increase by rates ranging between 10% and 12% compared to the previous years, where numerous companies will tend to increase prices in order to cover their losses in this sector, in addition to the planned entry of the new model motor insurance policy.