The total invested assets in the UAE's insurance sector rose by 5.40% to AED 77.80 billion (61.10% of total assets) in the first quarter (Q1) of 2022, versus AED 73.80 billion (59.40% of total assets) in Q1-21.
The insurance sector continued to broaden during the January-March 2022 period due to the increase in the number of insurance policies, licenced insurance-related entities, as well as gross written premiums (GWP).
Additionally, the number of insurance companies stood at 62 in Q1-22, unchanged from the year-ago period, WAM News Agency cited the Central Bank of the UAE (CBUAE).
The total number of insurance policies reached 2.30 million in Q1-22, an annual jump of 10.40% from 2.10 million policies. The CBUAE attributed the surge to the property and liability insurance policies.
In the first three months (3M) of 2022, the GWP enlarged by 4.60% year-on-year (YoY) to AED 15.80 billion due to a 12.20% growth in property and liability insurance premiums. Meanwhile, health insurance went up by 2.50%YoY in Q1-22.
All-type gross paid claims surged by 3.10% YoY to AED 6.60 billion in Q1-22. The increase was driven by the hike in claims paid to engineering, construction, and fire.
Furthermore, the total technical provisions amounted to AED 73.40 billion in Q1-22, higher by 2.10% than AED 71.90 billion during the same period a year earlier.
The CBUAE recently unveiled the total value of the liquid assets in UAE-based banks, which surged by AED 32 billion (6.60%) to AED 518.55 billion in Q1-22 from AED 486.58 billion in Q1-21.
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