UAE – Rating agencies positive on insurers
Tuesday, 04 03 2018, Category: Rating, Country: U.A.E
Global rating agencies maintained a positive vision about listed insurers in the UAE during the first quarter of the current year.
Standard & Poor’s said in a report mentioned that Expo Dubai 2020 will help the real estate sector and economic activity as 25 million visitors are expected noting that housing prices decreased by 5% to 10% in year 2017.
Moreover, A. M. Best said that 26 insurers operating in the UAE achieved profits last year indicating the percentage of companies achieving profits represent 86.6% of listed companies. The Agency clarified that 13 national insurance companies posted a growth in written premiums, which reached AED 21.8 billion last year i.e. a growth of 15.5%.
Furthermore, Moody’s said that listed insurers achieved growth in total profits in 2017 due to the regulatory reform introduced during the past 3 years, which helped raise prices.