LONDON, UK – FEBRUARY 2017 – After an extremely challenging year of underwriting and investment losses for many market participants during 2015, the United Arab Emirates (UAE) insurance market has swung back into the black in 2016.
The market has endured regulatory upheaval in the past year, and also encountered economic volatility mainly arising from the low oil price environment. However, analysis of preliminary disclosures of UAE national insurers listed on the Abu Dhabi Securities Exchange and Dubai Financial Market show a notable improvement in earnings, coupled with solid premium growth.
A.M. Best’s findings, published in a new Best’s Special Report, titled, “National Insurers in the United Arab Emirates Back in the Black”, states aggregate results for the market in 2016 showed a healthy profit of AED 926 million (USD 252 million), in stark contrast to the market loss of AED 145 million (USD 39 million) in 2015.
A full complimentary copy of this special report is available via the following link:
A.M. Best Special Report: UAE Insurance Market Review