UAE – Exchange rate reinforces insurance profits
Monday, 09 04 2017, Category: Insurance and Reinsurance, Country: U.A.E
The profits of five insurance companies listed in the financial exchanges of Abu Dhabi and Dubai increased by 174% due to the differences in exchange rates during the first half of the year reaching AED 4.3 million compared to losses of AED 5.8 million in the first half of year 2016.
Moreover, insurance experts said that the positive improvement in the profits of insurance companies emanates from the exchange rate fluctuations such as the decrease in the value of the USD compared to a basket of foreign currencies since November 2016 given that the USD is the currency used to pay technically claims in marine insurance.
Source: Economic Al Khaleej