UAE takaful insurance market in 2022

According to the Central Bank of the United Arab Emirates (CBUAE), the ten local takaful insurance companies have ended the 2022 financial year with a 4.5% drop in their combined turnover. The figure declined from 4.4 billion AED (1.2 billion USD) in 2021 to 4.2 billion AED (1.1 billion USD) a year later.

During the period under consideration, takaful insurers have recorded a net loss of 14 million AED (3.8 million USD), against a net profit of 93 million AED (25.3 million USD) in 2021. The result was affected by a 32% decrease in investment income.

As at 31 December 2022, the takaful business accounted for 9% of the total Emirati insurance market turnover.