UAE – 50% growth in aviation insurance premiums
Friday, 04 07 2017, Category: Insurance and Reinsurance, Country: U.A.E
The “aviation” insurance sector in the country witnessed a large growth in the number of contracts and premiums written. The number of contracts sold by companies reached 5672 contracts compared to 1132 contracts sold in year 2015, which is a 400% growth. Moreover, premiums written increased by 50% reaching AED 609 million compared to AED 407 million in year 2015.
Furthermore, marine insurance (on cargo) posted 251 thousand contracts with a value AED 839 million last year compared to 278 thousand contracts with a value of AED 621 million in year 2015. However “hull” insurance contracts reached 12.3 thousand contracts with premiums of AED 837 million. Finally, the premiums of burglary and theft insurance reached AED 9 million.
Source: Economic Al Khaleej