By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: CBUAE reports a 31.2% year-on-year increase in gross written premiums to Dh35.7 billion in H1 2024
Share
Notification Show More
Latest News
Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025
Business Crypto
Moscow Metro Marks 90 Years with Technological Advancements and Heritage Events
Lifestyle World
Senkron Digital Showcases CyberPact Service at GISEC Global 2025
Gulf UAE
Muhammad Umair Saeed: The Billionaire Tech Architect Powering AI, Drones, Blockchain & Cybersecurity from Dubai to the World
Business Gulf UAE
Barcelona Aims to Recover from European Heartbreak as They Face Real Madrid in La Liga, Chasing Their Third Title of the Season
Sports
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > CBUAE reports a 31.2% year-on-year increase in gross written premiums to Dh35.7 billion in H1 2024
Business

CBUAE reports a 31.2% year-on-year increase in gross written premiums to Dh35.7 billion in H1 2024

News Room
Last updated: 2024/09/26 at 4:12 PM
News Room
Share
3 Min Read
SHARE

The UAE insurance sector has displayed significant growth during the second quarter of 2024, as outlined in the Quarterly Economic Review by the Central Bank of the UAE. Gross written premiums in the sector saw a notable increase of 31.2% year on year, reaching Dh35.7 billion in the first six months of the year. This growth was primarily driven by a surge in property and liability insurance premiums, health insurance premiums, and insurance of persons and fund accumulation premiums, with a notable increase in group and individual life insurance premiums.

Furthermore, the gross paid claims across all insurance plans also experienced a substantial increase, rising by 34.0% year on year to Dh18.9 billion in the first half of 2024. The spike in claims paid was particularly prominent in property and liability insurance, as well as insurance of persons and fund accumulation. Additionally, the total technical provisions of all types of insurance saw a 22.8% year-on-year increase to Dh94.2 billion, with the volume of invested assets in the insurance sector amounting to Dh78.7 billion.

The UAE insurance sector’s capitalization remained robust, with various capital adequacy ratios showing positive trends. The own funds to Minimum Capital Requirement ratio increased to 376% in the first half of 2024, while the own funds to solvency capital requirement ratio reached 185.8%. Additionally, the sector’s profitability metrics indicated a 6% net total profit to net written premiums in H1 2024, with a return on average assets of 0.7%, showcasing a positive performance in terms of profitability.

Currently, there are 59 licensed insurance companies operating in the UAE, including 23 traditional and 10 takaful national companies, along with 25 branches of foreign insurance companies and one branch of a foreign reinsurance company. The sector also employs a significant number of insurance-related professionals, with 498 individuals engaged in various roles across the industry.

This growth and performance in the UAE insurance sector showcase its resilience and potential for further expansion. With a substantial increase in gross written premiums, paid claims, and technical provisions, coupled with strong capitalization and profitability metrics, the sector is well-positioned for continued growth and innovation. As the insurance landscape in the UAE continues to evolve, the sector’s adaptability and robust regulatory framework will be essential in driving sustainable growth and ensuring financial stability in the market.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room September 26, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article New Lounge with ‘Stress Relief Area’ Opens at Dubai International Airport
Next Article EGF praises UAE women for their excellent performance at the Pan Arab Golf Championships
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025
Business Crypto May 20, 2025
Moscow Metro Marks 90 Years with Technological Advancements and Heritage Events
Lifestyle World May 19, 2025
Senkron Digital Showcases CyberPact Service at GISEC Global 2025
Gulf UAE May 12, 2025
Muhammad Umair Saeed: The Billionaire Tech Architect Powering AI, Drones, Blockchain & Cybersecurity from Dubai to the World
Business Gulf UAE May 10, 2025

You Might also Like

BusinessCrypto

Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025

May 20, 2025
BusinessGulfUAE

Muhammad Umair Saeed: The Billionaire Tech Architect Powering AI, Drones, Blockchain & Cybersecurity from Dubai to the World

May 10, 2025
BusinessCrypto

RWA project FEXSE tokenises $600,000 Jacob & Co. luxury watch on the blockchain

April 14, 2025
Business

NTT DATA Business Solutions Expands Presence in UAE with Stronger Regional Leadership

March 28, 2025

Sustainable Moving Services: How Dubai’s Moving Companies Are Going Green

February 20, 2025
Tech

CNTXT and Oracle Strengthen AI Collaboration to Drive Innovation

February 14, 2025
Business

Smpl Fund I Invests $250,000 in Qora71, Supporting AI and Tech Entrepreneurs in MENA

February 4, 2025
BusinessCrypto

Forbes Lists Bitget Amongst The World’s Most Trustworthy Crypto Exchanges

February 1, 2025
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?