The UAE insurance companies published falling results for 2015. Abu Dhabi National Insurance Company (ADNIC) showed at the end of 2015, a loss of 334.5 million AED (91.1 million USD), against a deficit of 280.4 million AED (76.3 million USD) in 2014.
For its part, the United Insurance Company, based in Dubai, reported a net loss of 61.8 million AED (16.8 million USD) for 2015 against a loss of 51.8 million AED (14 .1 million USD) in 2014.
Oman Insurance Company, the first company of the UAE market is not immune to the difficulties of the sector.
It achieved, in turn, a net loss of 31 million AED (8.4 million USD ) in the fourth quarter 2015 against a net profit of 73.37 million AED (19.98 million USD) over the same period of the previous year.
This situation is attributable to the increasing competition and a high number of players (60 companies) present in a relatively small market.