UAE insurance sector robust in Q3; total assets hit $35.8bn
ABU DHABI, December 30, 2023
The UAE insurance sector continues to exhibit robust growth, as evidenced by a 9.6% increase in total assets during the first nine months of 2023, reaching AED131.6 billion by the end of the third quarter, reported Wam.
This translates to an impressive AED 11.5 billion increase in assets compared to the year-end 2022 figure of AED 120.1 billion, stated the report citing data from the Central Bank of the UAE.
The data shows that quarter-on-quarter performance remains equally positive, with assets rising 3.05% (AED 3.9 billion) to AED 127.7 billion between Q2 and Q3 of 2023. This sustained growth signifies a thriving and dynamic insurance market in the UAE.
The UAE's leadership position within the Arab insurance landscape is further solidified by its consistent ranking among the top global performers, stated the report.
In 2021, the UAE remained the leading Arab insurance market in terms of total subscribed premiums. Additionally, the country climbed one position in the global ranking, reaching 37th place, according to data from Swiss Re Insurance Institute's Sigma releases.
These statistics underscore the resilience and dynamism of the UAE insurance sector, poised for continued expansion and solidifying its position as a regional powerhouse and a key player on the global stage, it added.
