UAE insurance market: slight premium decrease in 2018

The Emirati insurance market reported 43.7 billion AED (11.8 billion USD) of turnover in 2018, slightly decreasing in comparison with the 44.8 billion AED (12.2 billion USD) achieved in 2017.

With 15.1 billion AED (4.1 billion USD) in premiums, non-life insurance accounted for 34.6% of the underwritings.

For its part, health insurance had a market share of 43.65% and reported premiums worth 19.1 billion AED (5.2 billion USD) in 2018 compared to 19.4 billion AED (5.28 billion USD) in 2017.

Life premiums amounted to 9.5 billion AED (2.58 billion USD) against 9.8 billion AED (2.66 billion USD) one year earlier. More than 76% of these premiums were underwritten by the 9 foreign companies of the market which lists only 3 local life insurance companies.

The net profit of all companies amounted to 2 billion AED (544 million USD), 80% of which are accounted for by the local 35 insurers.

For the record, the Emirati market counts 62 insurers, 27 of which are foreign.

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