The insurance sector in the UAE continued to grow in the Q1 2022 as reflected by the increase in number of insurance policies, gross written premiums and increase in the number of licenced insurance-related entities, while the number of insurance companies Y-o-Y remained the same in Q1 2022 at 62, according to the Quarterly Economic Review issued by the Central Bank of the UAE for Q1 2022 Figures on the insurance sector activity showed that the total number of insurance policies increased Y-o-Y by 10.4% in Q1 2022 to 2.3 million policy compared to 2.1 million policy in Q1 2021. This is mostly due to the property and liability insurance policies.
Gross Written Premiums (GWP) increased Y-o-Y by 4.6% in Q1 2022 to AED 15.8 billion mostly due to increase in property and liability insurance premiums by 12.2%. Health insurance increased Y-o-Y by 2.5% in Q1 2022.
Gross paid claims of all types of insurance plans increased by 3.1% Y-o-Y to AED 6.6 billion in Q1 2022. This is mainly driven by the increase in claims paid to engineering and construction industry, as well as fire.
The total technical provisions increased by 2.1% Y-o-Y to AED 73.4 billion in Q1 2022 compared to AED 71.9 billion in Q1 2021, due to increase in all types of technical provisions.
The total invested assets in the insurance sector increased by 5.4% Y-o-Y to AED 77.8 billion (61.1% of total assets) at the end of Q1 2022 compared to AED 73.8 billion (59.4% of total assets) in Q1 2021.