UAE - AED1.1 billion marine ins. GWP in 2017
Thursday, 05 03 2018, Category: Insurance and Reinsurance, Country: U.A.E
Sultan Bin Saeed Al Mansouri, Minister of Economy and Chairman of the Insurance Authority, said that the total premiums of marine insurance in the UAE insurance market increased to 1.1 billion dirhams during the last year 2017 representing 3.5% of total property and liability insurance premiums and 10% Previous 2016.
“The market share of national insurance companies represents 71 percent in the marine insurance branch, compared to 29 percent in the same period last year,” the minister said. Of foreign insurance companies in 2017, pointing out that marine insurance «goods» represents 60% of the premiums of the branches of marine insurance compared to 40% of marine insurance «units» during the said year, and marine insurance «according to Minister Mansouri» is one of the branches of insurance With low loss rates, b Average loss rate of 40% over the previous five years.
Al-Mansouri said in his speech on behalf of Ibrahim Obaid Al Zaabi, Director General of the Insurance Authority, that the insurance company provides insurance protection for traders and carriers during the maritime transport process and within the state.