In the first quarter of 2024, the Central Bank’s quarterly review report revealed the continued growth of the insurance sector in the UAE. The total written insurance premiums increased, and this was attributed to various factors. The number of licensed insurance companies remained stable at 60, with a breakdown of 23 traditional companies, 10 national Takaful companies, and 27 foreign companies. Additionally, there was an increase in the number of insurance-related professions to 500.

Gross written premiums experienced an impressive annual increase of 18.5% in the first quarter of 2024, reaching a record high of 21.1 billion dirhams. Property and liability insurance premiums saw significant growth by 24.6%, while health insurance premiums rose by 15.1%. Premiums for insurance of persons and funds also experienced an increase during this period. Claims paid for all types of insurance plans also rose by 18.3% annually to reach a record high of 8.4 billion dirhams, with substantial growth in property and liability insurance claims.

Technical allocations for all types of insurance also increased by a staggering annual rate of 6.9% to reach a record high of 78.8 billion dirhams in the first quarter of 2024. The assets invested in the insurance sector also increased significantly to reach a record high of 72.2 billion dirhams during this period. However, despite this growth, the retention rate for written premiums for all types of insurance dropped slightly to stand at approximately 50% in the first quarter of