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The total volume of underwitten insurance premiums in the UAE reached AED 22 billion in 2010, a 10 percent increase when compared with 2090, while the total invested funds in the scetor rose to AED 27.6 billion, according to a report by the Insurance Authority.
Forewording the annual report on the UAE Insurance Sector, issued by the Authority, Economy Minister Sultan bin Saeed Al Mansouri said: "This report asserts the significance of this sector and its substantial role in the national economy due to the considerable funds invested there in, which amounted to AED 27.6 billion in 2010 while the underwritten premiums at the insurance market amounted to AED 22 billion." "This report aims at identifying various aspects of the insurance market in the United Arab Emirates and achieve the goal for which it has been filed i.e. to highlight the most important achievements of the Insurance Sector in the United Arab Emirates," he added.
The premiums of property and liability insurance increased from AED 16.8 billion in 2009 to AED 18 billion in 2010 under an increase rate of 7% . The claim ratio increased during 2010 to 57.4% while it was 48.8% during 2009.
The total of the underwriting premiums for life assurance and formation of funds operations amounted to AED 4 billion The share of the national companies in these premiums accounted for 34.2% while the foreign companies share accounted for65.8%.
The total of underwritten premiums in property and liability insurance was as follows: AED 18 billion share of national companies in these premiums accounted for 77.8% while the foreign companies share accounted for 22.2%.
The percentage of national insurance companies retention of underwriting premiums in insurance against property and liability branch was 53% while the retention percentage for each branch was as follows: 62.3% in accidents and liability branch, 37% in fire branch, 27%in land, sea and air transport branch, 63% in medical insurance branch, 19%in other risks branch, Earned premiums for property and liability accounted for AED 17.5 billion.
The total technical provision for insurance of life assurance and formation of funds operations to AED 4.4 billion and properties and liabilities insurance amounted to AED 7.1 billion.
The total shareholders’ equity of the national insurance companies amounted AED 14.1 billion.
The total invested funds amounted to AED 27.6 billion, with 48.2% of this amount in the form of shares and bonds followed by 32.5% as bank deposits.
The number of employees in the insurance companies operating within the UAE during 2010 reached 7,271 out of whom there are only 397 UAE nationals at a rate of 5.5%.
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