The UAE’s insurance industry is demonstrating remarkable growth, as seen in the significant 9.6% increase in total assets within the first nine months of 2023. This surge has elevated the sector’s total assets to Dh131.6 billion by the end of the third quarter, marking an impressive Dh11.5 billion rise from the previous year’s figure of Dh120.1 billion.
Recent data from the Central Bank of the UAE confirms this upward trend, showcasing not only year-on-year growth but also consistent quarter-on-quarter progress. The assets experienced a substantial growth of 3.05% (Dh3.9 billion) from Dh127.7 billion in the second quarter to the third quarter of 2023, reflecting the ongoing vitality of the UAE’s insurance market.
This growth cements the UAE’s position as a leader in the Arab insurance sector. In 2021, the UAE stood out as the top Arab market based on total subscribed premiums. Furthermore, the country advanced in the global rankings, achieving the 37th position, as reported by Swiss Re Insurance Institute’s Sigma releases. This climb in the global insurance market is a testament to the UAE’s robust and dynamic insurance industry.
These developments underscore the resilience and potential for further expansion in the UAE’s insurance sector. As it continues to grow, the UAE is solidifying its role as both a regional powerhouse and a significant player in the global insurance landscape. The sector’s sustained growth trajectory points to a promising future, indicating the UAE’s commitment to fostering a thriving and competitive insurance market.
