UAE – Insurance is a winner in 2017
Wednesday, 01 03 2018, Category: Insurance and Reinsurance, Country: U.A.E
The insurance sector in the UAE has been a winner in year 2017 and was one of the most productive sectors due to its strong performance in the first half of year 2016 and it will continue on this path in the beginning of the current year due to the regulatory reforms introduced by the Insurance Authority, which were implemented in the local market and that contributed to turning the market from losses to profits.
With the implementation of the unified motor insurance contract along with the related increase in prices led to a 15-20% increase in insurance premiums, profits increased by 50% compared to year 2016. Moreover, the number of policyholder complaints decreased largely compared with the old contract, which triggered thousands of complaints previously.
Moreover, as soon as penalties were imposed for the non-compliance with the compulsory health insurance in Dubai during the last month of March, the number of insureds in the Emirate of Dubai increased to around 4.6 million and they represent 99.9% of residents in the Emirate.
Source: Al Khaleej