The insurance sector in the UAE continued to grow in Q1 2022 as reflected by the increase in the number of insurance policies, gross written premiums and the increase in the number of licensed insurance-related entities, according to the Quarterly Economic Review issued by the Central Bank of the UAE.
The number of insurance policies increased Y-o-Y by 10.4 percent in Q1 2022 to 2.3 million policies compared to 2.1 million policies, most of these comprising the property and liability insurance policies.
Gross Written Premiums (GWP) increased Y-o-Y by 4.6 percent in Q1 2022 to AED 15.8 billion mostly due to an increase in property and liability insurance premiums by 12.2 percent. Health insurance increased Y-o-Y by 2.5 percent in Q1 2022.
Gross paid claims of all types of insurance plans increased by 3.1 percent Y-o-Y to AED 6.6 billion in Q1 2022. This is mainly driven by the increase in claims paid to engineering and construction industry, as well as fire.
The total technical provisions increased by 2.1 percent Y-o-Y to AED 73.4 billion in Q1 2022 compared to AED 71.9 billion in Q1 2021, due to an increase in all types of technical provisions.
The total invested assets in the insurance sector increased by 5.4 percent Y-o-Y to AED 77.8 billion (61.1 percent of total assets) at the end of Q1 2022 compared to AED 73.8 billion (59.4 percent of total assets) in Q1 2021.
The growth in the insurance sector took place despite the number of insurance companies remaining the same.
