Booming marine insurance in the United Arab Emirates

The turnover generated by aviation insurance in the United Arab Emirates increased by 50% in 2016. Hence, written premiums reached 609 million AED (166 million USD), compared to 407 million AED (110.8 million USD) in 2015. The number of contracts increased dramatically by 400%. More than 5672 policies were underwritten in 2016 for aviation risk only against 1132 in 2015.

In addition, premiums collected for marine cargo insurance increased by 35% to 839 million AED (228 million USD) in 2016, despite the decrease in the number of policies underwritten in this class of business(251 000 contracts in 2016 versus 278 000 in 2015). Marine hull insurance totaled 837 million AED (228 million USD) in premiums for 12 300 policies.

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