UAE – Profits of insurers keep improving
Thursday, 05 18 2017, Category: Insurance and Reinsurance, Country: U.A.E
The performance of insurance companies kept improving in the first quarter due to the decisions taken by the government in the beginning of the current year enforcing health insurance on all residents in Dubai in addition to the raising the minimum price of motor insurance and launching mechanisms that prevent pricing wars.
According to the “Economic Al Bayan” the profits of 28 insurers listed in the Dubai and Abu Dhabi financial exchanges reached AED 448.3 million in the first quarter of the current year, which represents a 41.1% increase equivalent to AED 130.6 million compared to profits of AED 317.7 million in the first quarter of year 2016.
12 companies listed in Dubai achieved profits of AED 240.8 million, which represents a 73% increase compared to AED 139.2 million during the same period of year 2016 whereas the profits of 16 insurers listed in Abu Dhabi reached approximately AED 207.5 million, which represents a 16.2% increase compared to AED 178.5 million in the first quarter of year 2016.
Source: Al Bayan - UAE