UAE - Investments of the Ins. Sector reached $17.3 B in 2018
Monday, 07 08 2019, Category: Insurance and Reinsurance, Country: U.A.E
The growth of the insurance sector in the UAE is significant, he said, adding that the UAE insurance market is expected to witness a significant increase in coming years as a result of sustainable economic development.
"The great potential of the UAE and the GCC helps the insurance sector play a major role in the Arab region," said Sultan bin Said Al Mansori, chairman of the UAE annual report.
According to the report, the premiums for all insurance sectors in 2018 amounted to 43.7 billion dirhams (about $ 11.90 billion).
According to the report, what confirms the importance of this sector and its vital role for the national economy is the volume of its invested funds, which at the end of 2018 is worth 63.6 billion Dirhams ($ 17.32 billion), of which 38% are concentrated in shares and bonds and 28% in deposits. While the share capital of national insurance companies reached 1 billion AED.
The Minister of Economy and the President of the Insurance Authority said that in 2018 the Authority worked to complete the issue of legislation regulating the sector as part of its efforts and desire to strengthen the legislative basis for regulating the insurance sector in the UAE and to develop the efficiency on the local insurance market and businesses operating on the basis of legal, technical and financial stability and to increase the competitiveness of the sector At regional and international level, according to the most Britney practices that prevail in the world.
The report states that the number of insurance companies operating in the country reached 62 companies, including 35 national insurance companies, 27 foreign insurance companies.