Total invested assets in insurance sector rise 5.4% to Dhs77.8bn in Q1 2022: CBUAE

The Quarterly Economic Review issued by the Central Bank of the UAE (CBUAE) for Q1 2022 has shown that the insurance sector in the UAE reflected growth, with an increase in the number of insurance policies, gross written premiums, and licensed insurance-related entities.

The number of insurance companies year-on-year remained the same in Q1 2022 at 62.

According to state news agency, WAM, figures on the insurance sector activity showed that the total number of insurance policies increased YoY by 10.4 per cent in Q1 2022 to 2.3 million policies compared to 2.1 million policies in Q1 2021. This is mainly attributed to property and liability insurance policies.

The CBUAE quarterly review showed that gross written premiums (GWP) increased YoY by 4.6 per cent in Q1 2022 to Dhs15.8bn mostly due to an increase in property and liability insurance premiums by 12.2 per cent. Health insurance increased YoY by 2.5 per cent in Q1 2022.

Gross paid claims of all types of insurance plans increased by 3.1 per cent YoY to Dhs6.6bn in Q1 2022, driven by the increase in claims paid to engineering and construction industry, as well as fire.

The total technical provisions increased by 2.1 per cent YoY to Dhs73.4bn in Q1 2022 compared to Dhs71.9bn billion in Q1 2021, due to an increase in all types of technical provisions.

The total invested assets in the insurance sector increased by 5.4 per cent YoY to Dhs77.8bn (61.1 per cent of total assets) at the end of Q1 2022 compared to Dhs73.8bn (59.4 per cent of total assets) in Q1 2021.